Indian Oil Corporation Current Affairs

India gets first-ever U.S. crude shipment

India received first ever shipment of US crude oil of 1.6 million barrels, purchased by state-run Indian Oil Corporation (IOC) at Paradip Port in Odisha. It was imported on board of MT New Prosperity, a very large crude carrier (VLCC) that had left US Gulf Coast on August 19, 2017 and arrived at Paradip port.

Key Facts

IOC will process crude at its refineries located at Paradip, Haldia (in West Bengal), Barauni (in Bihar) and Bongaigaon (in Assam). This was one of first shipments to India since United States stopped oil exports in 1975.  With this India, the world’s third-largest oil importer joins other Asian countries like South Korea, Japan, Thailand,  China and Taiwan to buy US crude oil as they seek to diversify oil imports from other regions after the OPEC production cuts raised prices of Middle East heavy-sour crude ( grades with a high sulphur content).

Background

The delivery of shipment follows recent commitments to US oil purchases by Indian state refiners. State-owned Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) also have placed orders for about 2.95 million barrels and 1 million barrels of US crude respectively for their Kochi and Vizag refineries.

Indian companies, both public and private, have invested about $5 billion in US shale assets. They have also contracted 5.8 million tonnes per annum of liquefied natural gas (LNG) from US and the first shipment is expected to be delivered to India in January 2018.

India-US Energy relations

The IOC purchase comes after Prime Minister Narendra Modi’s visit to the US in June 2017 when President Donald Trump had assured that US looks forward to export more energy products to India. They had committed to expand and elevate bilateral energy cooperation through strategic energy partnership.

Under this partnership, both countries are elevating cooperation in field of energy, including in cleaner fossil fuels, renewables, nuclear, and cutting edge storage and energy efficiency technologies. The first delivery of oil imports is considered as significant milestone in growing partnership between the US and India. US crude oil shipments to India have potential to boost bilateral trade between both countries by up to $2 billion.

Month: Categories: India Current Affairs 2018

Tags:

Indian Oil Corp tops in 2015 Fortune 500 companies in India list

State-run Indian Oil Corporation (IOC) has emerged as the country’s biggest company in terms of annual revenue as per an annual list of 2015 Fortune 500 companies in India.

IOC topped the list for consecutive sixth year with annual revenue of Rs. 4,51,911 crore. IOC was followed by Mukesh Ambani-led private sector Reliance Industries at the second place with a revenue of Rs. 3,82,565 crore.

Top ten companies are

  • Indian Oil Corp (IOC):4,51,911 crore annual revenue.
  • Reliance Industries: Rs 3,82,565 crore annual revenue.
  • Tata Motors: Rs 2,67,025 crore annual revenue. It has jumped to third slot from fifth place in 2014.
  • State Bank of India (SBI): Rs 2,57,289 crore annual revenue. It was ranked sixth in 2014.
  • Bharat Petroleum (BPCL): Rs 2,40,367 crore annual revenue. In 2014, it was placed at the third spot.
  • Hindustan Petroleum: Rs 2,13,380 crore annual revenue.
  • Oil and Natural Gas Corporation (ONGC): Rs 1,65,161 crore annual revenue.
  • Tata Steel: Rs 1,41,669 crore annual revenue.
  • Hindalco Industries: Rs 1,06,897 crore annual revenue.
  • Tata Consultancy Services (TCS): Rs 98,368 crore annual revenue.

Key facts

  • This year’s list of the country’s 500 largest corporations was compiled by the global business magazine Fortune’s Indian edition.
  • Total revenue of all firms has grown a mere 2.7 per cent and profits fell by 5.9 per cent compared with 2014.
  • In this edition of list there are as many as five energy companies in the top 10. Besides, there are a total of five state-run companies in the top-ten.

Month: Categories: Business & Economy Current Affairs 2018

Tags:

Advertisement

12