Indian oil subsidiary plans 1 GW renewables

IOCL, BPCL, HPCL report Rs 810 bn profit in FY24

The state-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation Ltd announced substantial profits totalling around Rs 810 billion in FY24, significantly surpassing their earnings in years prior to the oil crisis. According to regulatory filings, their combined standalone net profit from April 2023 to March 2024 (FY24) exceeded their annual earnings of Rs 393.56 billion in pre-oil crisis years.

It was reported by them that all three companies achieved their highest-ever standalone as well as consolidated net profit in FY24.

Public Sector Undertakings invest Rs 502 bn in April's capex

An official mentioned that large public sector companies had allocated slightly more than Rs 502 billion for capital expenditure in April FY25 alone, constituting almost 6.5% of their total fiscal target of nearly Rs 7.8 trillion. The official noted that this rate was slower compared to the Rs 541.77 billion spent in April FY24, which accounted for about 7.3% of the annual budget target of over Rs 7.4 trillion. They added that the capital expenditure spending was expected to increase in the future, also stating that the April figures were still provisional and would likely increase in the fina..

Indian Oil Initiates Solar Power Projects

Indian Oil Corporation (IOC) has announced its foray into the solar power sector with plans to develop solar projects across various locations in India. This strategic move underscores IOC's commitment to diversifying its energy portfolio and embracing renewable sources for sustainable growth.

IOC's entry into the solar power segment reflects the company's recognition of the potential of renewable energy in meeting India's growing power demand and reducing carbon emissions. With its extensive infrastructure and nationwide presence, IOC is well-positioned to leverage its strengths in pr..

Indian Government Reduces Windfall Tax on Crude Petroleum

The Indian government has decided to reduce the windfall tax on crude petroleum, lowering it to Rs 5,700 per metric ton effective from May 16. This decision comes amidst efforts to balance revenue generation with the need to mitigate the impact of high global crude oil prices on domestic consumers and industries.

The windfall tax reduction follows a period of sustained increase in global oil prices, which have posed challenges for India's economy and inflationary pressures. By revising the tax rate downwards, authorities aim to provide relief to consumers while ensuring a stable environ..

Cairn Oil & Gas Reserves Surge

Cairn Oil & Gas, a subsidiary of Vedanta Resources, has reported a significant 19% increase in its oil and gas reserves, now totalling an impressive 1.4 billion barrels of oil equivalent. This notable growth underscores Cairn's robust exploration and production capabilities, solidifying its position as a leading player in India's energy sector.

The increase is attributed to successful exploration activities and efficient reservoir management, which have optimised recovery rates. Cairn's CEO, Nick Walker, highlighted that this achievement aligns with the company's strategic goal..