Satish Vadugiri named interim chairmen for IOC, Rajneesh Narang for HPCL
The government on Wednesday named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as appointment of full-time heads is work in progress. Satish Kumar Vaduguri, Director (Marketing), IOC has been appointed interim chairman of the company for three months starting September 1, an oil ministry order said. He replaces Shrikant Madhav Vaidya who completes his extended term at month-end. In a separate order, the ministry appointed Rajneesh Narang, Director (Finance), HPCL as the chairman and managing director of the company for three-month period starting September 1. He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31. With government headhunter PESB not finding anyone suitable, three-member search-cum-selection committees are looking for heads at both IOC and HPCL.
State-owned gas utility GAIL (India) Ltd set to increase liquefied natural gas imports from 2026
State-owned gas utility GAIL (India) Ltd is set to increase its liquefied natural gas (LNG) imports from 2026. The company has signed two 10-year supply agreements with Vitol Asia Pte Ltd and Adnoc Gas, totalling 1.5 million tonnes per annum. “As a leading natural gas player, your company recognises the importance of ensuring supply security,” said GAIL chairman Sandeep Kumar Gupta at the company’s AGM. “In this direction, we have signed two 10-year LNG supply agreements.” GAIL has added a new LNG carrier to its fleet. The company will import LNG in cryogenic ships and convert it to gas for distribution to power plants, fertiliser units and city gas operators. India imports roughly half of its gas needs, and GAIL operates several LNG import facilities across the country. The company is also exploring opportunities to invest in a US-based LNG plant and has renewed a supply agreement with Qatar Energy LNG. GAIL is also expanding its presence in the petrochemical industry. The company is investing in projects to produce polypropylene, PTA and isopropyl alcohol. Additionally, GAIL is exploring the feasibility of setting up a ethane cracker and a coal gasification project. Gupta said the PSU is setting up a 500,000 tonnes polypropylene facility at Usar in Maharashtra another 1.25 million tonnes plant at Pata in Uttar Pradesh. The company has installed a green hydrogen electrolyser and is working on setting up an ethanol plant. The company is also expanding its natural gas and LPG pipeline infrastructure.
GAIL profit before tax jumps 75% to ₹115.55 billion; advances net zero target to 2035
GAIL (India) Limited reported a 75% increase in its Profit Before Tax (PBT) for the fiscal year 2023-24, reaching ₹115.55 billion up from ₹65.84 billion last year, said Chairman and managing director Sandeep Kumar Gupta during the company’s 40th Annual General Meeting (AGM). The chairman added that the Profit After Tax (PAT) saw a substantial rise, up 67% to ₹88.36 billion, despite a drop in revenue from operations which decreased to ₹1306.38 billion from ₹1443.02 billion in the previous fiscal year. Highlighting major strides in infrastructure development, the company is actively extending its pipeline network by approximately 3,400 km to complete the National Gas Grid, critical for enhancing India’s energy security. The current pipeline infrastructure extends to 16,271 km. The chairman also noted GAIL’s strategic initiatives in securing future gas supplies, including long-term LNG supply agreements set to start in 2026 with Vitol Asia Pte Ltd, Singapore for 1 MMTPA, and ADNOC Gas, UAE for 0.5 MMTPA. Additionally, a renewed contract with Qatar Energy LNG will provide 4.5 MMTPA starting in 2028 for a 20-year period.