Oil and Gas Sector

Indian Oil Corporation Limited (IOC) raised prices of aviation turbine fuel (ATF) and 19-kg commercial liquefied petroleum gas (LPG) cylinders effective August 1.

The company's CNG (compressed natural gas) volume climbed by 20% year on year as its network expanded across numerous geographical areas.

The company now has 34 geographical areas, including Jalandhar, which allows it to have a presence in Punjab, the company stated.

Indian Oil informed the stock exchanges that the agreement will be a 50:50 domestic joint venture between the two firms.

The diesel maker also said that the board has approved an interim dividend of ₹20 for the fiscal year 2023-24.

Currently, OIL evacuates 1.72 MMTPA of petroleum products through NSPL and delivers them to the NRL Marketing Terminal in Siliguri.

ONGC dug 541 wells, the most in the previous 34 years, including 103 exploration and 438 development wells.

NIIF will shortlist bidders in the next weeks, allowing them to undertake due diligence on the company before submitting binding financial proposals.

According to the International Atomic Energy Agency, only China and Russia now operate SMR units, with several other countries preparing to do so.

The Indian refiner has also purchased 2 million barrels of WTI crude for loading in April through a spot contract, according to sources.