Latest news with #IndianOilCorporation
NDTV
14 hours ago
- Business
- NDTV
Pakistan's Meagre Oil Reserves Don't Match Trump's 'Massive' Claim, Data Shows
Even as US President Donald Trump said in a social media post that the US has signed a deal to develop and explore "massive oil reserves" in Pakistan, the ground reality is that the neighbouring nation has very limited oil and gas reserves and meets 85 per cent of its requirement through imports. According to Worldometer data, Pakistan had 353.5 million barrels of proven oil reserves as of 2016, placing it 52nd globally and accounting for just 0.021 per cent of the world's total reserves. At current consumption levels of about 556,000 barrels per day, these reserves would cover less than two years of domestic demand if the country does not import oil, according to Worldometer data. Daily oil production is around 70,000-80,000 barrels per day, which covers only about 15-20 per cent of its own consumption. An Indian Oil Corporation (IOC) official pointed out that the current price of petrol in Pakistan is Rs 272.15 per litre, and for high-speed diesel it's Rs 284.35 per litre which are more than twice the prices of these fuels in India. These are among the highest prices in the world and reflects the high degree of dependence on imports. In contrast, while the price of petrol in India is around Rs 94.77 per litre, and diesel is priced at Rs 87.67 per litre (price in Delhi which has slight variations across the states due to local taxes.) The exploration success rate in Pakistan is low, and political, financial, and security concerns are a major concern for investors. The refining capacity in Pakistan is also limited and aging, the Indian Oil official said. There's some offshore and shale oil exploration potential (especially in Balochistan and near Karachi), but results have so far been inconclusive or commercially non-viable. On Truth Social, Trump announced a deal with Pakistan to help it with development and exploration of oil reserves. "We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!" he wrote on social media.
The Hindu
a day ago
- Business
- The Hindu
LPG cylinder lorry owners call off strike; IOC assures supplies to consumers
With the Tamil Nadu LPG Cylinder Lorry Owners Association calling off its indefinite strike call from August 1, Indian Oil Corporation (IOC) on Wednesday assured customers that liquefied petroleum gas (LPG) supplies in the State will remain uninterrupted and deliveries will not be affected. Senthil Selvan, president of the Association, said that after talks with IOC officials, they decided to call off the strike call as their main demand for stopping changes in production patterns in IOC's LPG plants had been met. 'We were losing out on number of trips. Some 4,000 trucks attached to IOC LPG plants will continue to carry loads. A committee has been formed to look into our grievances and arrive at a conclusion within 15 days,' he added. IOC in a statement said : As a trusted and a major energy partner to millions of households in Tamil Nadu, Indian Oil remains steadfast in its commitment to delivering uninterrupted service with reliability, responsibility and care.
Time of India
a day ago
- Business
- Time of India
Tamil Nadu Cylinder Lorry Owners Association calls off planned strike
SALEM: An indefinite strike planned by the Tamil Nadu Cylinder Lorry Owners Association from August 1 was called off on Wednesday following an agreement with Indian Oil Corporation officials who agreed to address the demands of the truck owners. The association's demands include the retraction of the IOC's decision to reduce LPG production and equal employment opportunities for all truckers. IOC officials held discussions with truck owners in Chennai on Wednesday. "After the discussions, the truck owners agreed to call off their planned strike," said IOC chief general manager (corporate communications, southern region) V Vetriselvakkumar. He said LPG cylinder supplies would remain uninterrupted in Tamil Nadu . "As a trusted and significant energy partner to millions of households in Tamil Nadu, Indian Oil is committed to providing uninterrupted service with reliability, responsibility and care," he said.
The Hindu
2 days ago
- Health
- The Hindu
Welfare aids worth ₹52.91 lakh distributed to 251 differently abled persons in Nagapattinam
In a welfare initiative for persons with disabilities, the Department for the Welfare of Differently-Abled Persons, in collaboration with the District Administration, Artificial Limbs Manufacturing Corporation of India (ALIMCO), and Indian Oil Corporation, distributed assistive devices worth ₹52.91 lakh to 251 beneficiaries at a function in Nagapattinam District Collectorate on Tuesday. Nagapattinam District Collector P. Akash handed over the devices to the recipients. Kilvelur MLA V.P. Nagai Mali participated in the event. The distribution followed six special medical assessment camps held across the district in February 2025. Expert teams evaluated eligible individuals, based on which a wide range of assistive devices were provided. These included motorised three-wheeled vehicles, joystick-operated wheelchairs, standard wheelchairs for children and adults, crutches, smart canes, learning aids, artificial limbs, and hearing aids. Additionally, one beneficiary received a smartphone and another a Braille kit. The aids ranged in value from ₹450 to ₹60,000. Notable among them were 122 hearing aids valued at ₹5.49 lakh and various prosthetic and mobility aids worth ₹6.38 lakh. The initiative aims to significantly enhance mobility, independence, and overall quality of life for the recipients. Chief Educational Officer M.G.C. Subashini, Indian Oil Corporation General Manager Bindu, and ALIMCO Junior Manager Rishabh Mahendra were among the officials present. EOM/
Time of India
2 days ago
- Business
- Time of India
Tamil Nadu Cylinder Lorry Owners Association announces strike
ERODE: Tamil Nadu Cylinder Lorry Owners Association on Tuesday announced that its members would not transport LPG cylinders of Indian Oil Corporation starting August 1 to press for its demands. This association took the decision at a consultative meeting held in Perundurai in Erode district on Tuesday. Nearly 1,000 trucks would not transport cylinders, it said. President of the truckers' association PR Senthil Selvan told reporters that their demands include withdrawal of the IOC's decision to halve LPG production. They also demand equal employment opportunities for all truckers. The association opposes the imposition of fines on truckers and the administration's practice of acquiring more trucks than necessary through tenders. "This strike will lead to a significant shortage of cylinders in Tamil Nadu," he said.
