Latest news with #IOCL
Time of India
5 hours ago
- Business
- Time of India
Value of India's crude imports from Russia surges significantly at a CAGR of 96% during FY20-FY25: Report
New Delhi: India's oil and gas sector is undergoing a strategic transformation amid a fast-changing global landscape marked by shifting alliances, sanctions, and rising geopolitical uncertainty, according to the recent Rubix Industry Insights report. In a significant shift, Russian oil now dominates India's crude basket, accounting for about 35 per cent of total imports in Financial Year (FY) 2025, it was mere just 2 per cent in FY2020. The value of these imports has surged at a 96 per cent of compound annual growth rate (CAGR) over the past five years. This rebalancing is driven mainly by cost advantages and alternative transport routes that bypass the volatile Strait of Hormuz. Meanwhile, the share of Middle Eastern suppliers has fallen, prompting geopolitical and commercial recalibrations. Now, with the US pushing for steep tariffs on Russian-linked petroleum exports and the EU tightening its sanctions regime, India is taking steps to protect a significant share of its petroleum product (POL) exports, valued at 44.4 billion in FY25. India has emerged as the seventh-largest exporter of refined petroleum products, with the Netherlands, UAE, and Singapore as key markets. On the supply side, India is the world's third-largest crude oil importer, with demand projected to rise from 5.64 million barrels per day in 2024 to 6.66 million bpd by 2030. However, domestic production continues to decline, dropping from 32.2 MMT in FY2020 to 28.7 MMT in FY2025. As a result, India's crude import dependency has reached 88.2 per cent. Refining capacity, however, has expanded modestly to 257 MMTPA across 23 refineries, making India the world's fourth-largest refining hub. The government aims to increase this to 309.5 MMTPA by 2030, backed by major investments from state-run firms like IOCL , BPCL , and HPCL . Natural gas, another critical pillar, saw demand reach 71 BCM in FY2025, with 50 per cent met through LNG imports. The US has overtaken the UAE as India's second-largest LNG supplier, aided by lifted export bans and long-term contracts. India plans to double its share of gas in the energy mix to 15 per cent by 2030, supported by pipeline expansion and regasification projects. Government initiatives have also propelled reforms in upstream exploration. Under the Hydrocarbon Exploration and Licensing Policy (HELP), the 10th OALP round offered 25 new blocks, and the Special CBM Round targeted unconventional gas extraction. These efforts are supported by updated regulations and policies aimed at attracting investment. The report notes that India's clean energy push is gaining traction. The Pradhan Mantri Ujjwala Yojana ( PMUY ) has expanded LPG access to over 103 million households, while ethanol blending touched 20 per cent in early 2025--six years ahead of schedule. City gas distribution is also being ramped up, aiming to cover 70 per cent of the population. However, challenges remain. Price volatility, US sanctions on Russian oil, and lagging domestic output pose persistent threats. The report warns that refinery capacity additions have lagged behind targets, and Middle East tensions could disrupt crucial supply lines.
The Hindu
7 hours ago
- Automotive
- The Hindu
Cylinder lorries announce indefinite strike from August 1
The Tamil Nadu LPG Cylinder Lorry Owners Association has announced an indefinite strike from August 1 to highlight various demands. The lorries deliver LPG cylinders from IOCL bottling plants across the State. Speaking to reporters in Salem on Tuesday, association president R. Senthil Selvan said IOCL was not providing loads as per tender norms. It had announced new rules for transport of cylinders, and had placed a 60 kmph limit on lorries. It had said fines would be imposed on lorries that operate after 11 p.m. In case of an accident, it had said an FIR should be registered within two hours, or a fine should be paid. 'As these are not feasible, we announced a strike. On Monday, talks were conducted at the IOCL bottling plant in Perundurai in Erode, but they failed. So, from August 1, over 12,000 LPG lorries will not ply till our demands are met. The strike will affect the delivery of four lakh cylinders per day, Mr. Senthil Selvan added.
Economic Times
3 days ago
- Business
- Economic Times
Repono fixes SME IPO price band at Rs 91-96/share; issue opens Monday
Repono, a warehousing and liquid terminal solutions provider, on Sunday said it has fixed a price band at Rs 91-96 per share for the Rs 26.6 crore initial public offering (IPO) that will open for subscription on Monday. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Repono, a warehousing and liquid terminal solutions provider, on Sunday said it has fixed a price band at Rs 91-96 per share for the Rs 26.6 crore initial public offering ( IPO ) that will open for subscription on IPO will close on July 30 and the company's shares will be listed on the BSE's SME platform, Repono Ltd said in a initial share sale is a fresh issuance of up to 27.79 lakh equity shares. Proceeds from the IPO will be utilised for capital expenditure towards the purchase of forklifts, hand pallet trolleys, reach stackers, setting up of warehouse racking systems, development of warehouse management software, and working capital will also be used for general corporate purposes."This IPO represents more than just a capital raise, it is an opportunity to accelerate our growth, enhance operational capabilities, and deepen our presence in key markets."It will enable us to invest in advanced infrastructure, strengthen our technology backbone, and pursue strategic opportunities with greater agility," Repono's Managing Director Dibyendu Deepak is a specialised service provider offering 360-degree warehousing and liquid terminal solutions to India's oil and petrochemical Navi-Mumbai based company operates the country's most advanced FFS polymer packaging lines and oversees Asia's largest lube oil plant (IOCL, Chennai).In FY25, the company reported a revenue of Rs 51.11 crore and a profit after tax of Rs 5.15 Mine Networks is the sole book-running lead manager, and Cameo Corporate Services Ltd is the registrar for the IPO.
Time of India
3 days ago
- Business
- Time of India
Repono fixes SME IPO price band at Rs 91-96/share; issue opens Monday
Repono, a warehousing and liquid terminal solutions provider, on Sunday said it has fixed a price band at Rs 91-96 per share for the Rs 26.6 crore initial public offering (IPO) that will open for subscription on Monday. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Repono, a warehousing and liquid terminal solutions provider, on Sunday said it has fixed a price band at Rs 91-96 per share for the Rs 26.6 crore initial public offering ( IPO ) that will open for subscription on IPO will close on July 30 and the company's shares will be listed on the BSE's SME platform, Repono Ltd said in a initial share sale is a fresh issuance of up to 27.79 lakh equity shares. Proceeds from the IPO will be utilised for capital expenditure towards the purchase of forklifts, hand pallet trolleys, reach stackers, setting up of warehouse racking systems, development of warehouse management software, and working capital will also be used for general corporate purposes."This IPO represents more than just a capital raise, it is an opportunity to accelerate our growth, enhance operational capabilities, and deepen our presence in key markets."It will enable us to invest in advanced infrastructure, strengthen our technology backbone, and pursue strategic opportunities with greater agility," Repono's Managing Director Dibyendu Deepak is a specialised service provider offering 360-degree warehousing and liquid terminal solutions to India's oil and petrochemical Navi-Mumbai based company operates the country's most advanced FFS polymer packaging lines and oversees Asia's largest lube oil plant (IOCL, Chennai).In FY25, the company reported a revenue of Rs 51.11 crore and a profit after tax of Rs 5.15 Mine Networks is the sole book-running lead manager, and Cameo Corporate Services Ltd is the registrar for the IPO.
Time of India
3 days ago
- Time of India
Kingpin of interstate crude oil theft gang held from Delhi
Jaipur: The Special Operations Group (SOG) Saturday arrested the alleged kingpin of an inter-state gang accused of stealing crude oil through illegal pipeline tapping. A cash reward of Rs 50,000 had been announced earlier for his arrest. Officials stated that the accused was planning to dig tunnels in Hisar, Haryana to steal oil from pipelines. Assistant director general (SOG) VK Singh said the arrested man, identified as Dinesh alias Anmol alias Rahul Rathi, 38, is a resident of Amar Colony, Kamruddin Nagar, Nangloi in Delhi and had been living in Bahadurgarh, Jhajjar, Haryana. The SOG team arrested him from Sector-16 in Rohini, Delhi, after tracking him for weeks. On Jan 13, an IOCL company report stated that unknown individuals had dug a tunnel in Shahjahanpur, Kotputli, to establish an illegal connection to the Gujarat-Haryana crude oil pipeline and divert oil. During the SOG operation, the accused were identified. After confirming the involvement of a wider inter-state gang, the SOG announced Rs 50,000 each for the main accused before apprehending him. Police reported that Rathi is a habitual offender with more than 33 criminal cases registered against findings revealed he was devising plans to illegally tap into the HPCL pipeline in Narnaund, Hisar, to steal crude oil and sell it.
