Indian Oil Corporation (IOC) is looking for reimbursement of Rs 2000 crore under recoveries for petrol sales for the current financial year ending March from government. The company will have to raise petrol prices if under recoveries are not reimbursed. Earlier in June 2010, India freed pricing of petrol but, continues to subsidize prices of gasoil, kerosene and cooking gas to protect the poor from the impact of inflation pressures.
The government under-recoveries are very high and beyond the reach of the oil marketing companies to absorb. Therefore, IOC has asked for 100 percent reimbursement.
Recently, IOC inked pact with Tamil Nadu Industrial Development Corporation (TIDCO) for Rs 4,500-crore integrated LNG terminal at Katupalli, near Chennai. It is likely to start awarding contracts in three months time. TIDCO is likely to take a 5-10% equity stake in the terminal.
The Indian Oil Group of companies owns and operates ten of India's 20 refineries with a combined refining capacity of 60.2 million metric tonnes per annum (MMTPA, .i.e. 1.2 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation.
Company Name | CMP |
---|---|
Reliance Industries | 2859.60 |
Indian Oil Corp. | 162.40 |
BPCL | 627.60 |
HPCL | 537.05 |
MRPL | 203.15 |
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