scorecardresearch
Wednesday, Oct 05, 2022
Premium

IndianOil, Petronas JV to foray into fuel, natural gas retail biz

The JV is currently engaged in the import, storage, and bottling of liquefied petroleum gas (LPG).

The company's top officer in the state denied. (Bloomberg/ Representational)

Indianoil Petronas Private Ltd (IPPL) — a joint venture between state-owned Indian Oil Corporation (IOC) and Malaysian oil and gas company Petronas — is set to enter the fuel retailing and natural gas retailing business, IndianOil Chairman SM Vaidya said on Friday. The JV is currently engaged in the import, storage, and bottling of liquefied petroleum gas (LPG).

“We have cleared the IndianOil Petronas Private Limited diversification into natural gas, and transportation fuel retailing business,” Vaidya said in a press conference announcing the company’s June quarter results.

He said the new venture would not cannibalise the sales of IOC as India’s demand for energy was increasing and the growth of the IPPL would not be at the cost of Indian Oil’s market share.

IOC’s profit rose over three times to Rs 5,941 crore in the quarter ended June 30, on the back of higher refining margins and inventory gains. It witnessed a 74 per cent increase in revenues from operations compared to the year-ago period, which saw far more strict travel restrictions when the nation faced the first wave of Covid-19 infections.

Subscriber Only Stories
Telangana plot accused had twice tried to join terror outfits abroad, sto...Premium
Split on method to name new Supreme Court judges, CJI sends 2nd note to C...Premium
MNREGA worker breaks national record in men’s 35km race walkPremium
Over-reach, will stay out, Election Commission told Supreme Court before ...Premium

The IOC Chairman said sales of petrol had surpassed pre-Covid levels, adding that a high preference for personal mobility had likely contributed to the recovery of petrol sales.

First published on: 31-07-2021 at 03:45:38 am
Next Story

Cloud over Videocon resolution process points to larger weakness in IBC

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement