State-owned oil refiner, Indian Oil Corporation (IOC) would invest around Rs 6,500 crore in order to raise its pipeline network to more than 13,000-KM by March 2012.

Moreover, the company has also decided to finish up its primary gas pipeline by the end of existing year (Dec 2008). 

Mr. P.K. Chakraborti, Director-Pipelines, stated that the whole pipeline project will be funded through a debt-equity ratio of 1:1. 

“The money will come either from our borrowings or the money from the oil bonds,” Mr. P.K. Chakraborti said. 

Vienna

Oil and Natural Gas Corp (ONGC) would invest Rs 19,338 crore in oil and gas exploration in the existing fiscal (2008-09), which is around 10% more than its investment of Rs 17,651 crore during the previous year. 

Mr. R S Sharma, ONGC Chairman, said, “Improving the reserve replacement ratio by intensifying exploratory efforts is company's first priority.” 

“Improving recovery factor, arresting decline in mature fields and expeditious development of discovered fields are the other priorities,” Mr. Sharma said. 

Vienna - After dropping more t

Oslo - Petrol stations operated by Norwegian energy group Statoil Hydro were to keep their original name Statoil, the group's chairman said Thursday, indicating it meant massive savings.

Statoil operates some 2,000 petrol stations in eight countries.

Retaining the Statoil name for the petrol stations was believed to save huge sums. Oslo-based consulting firm Det Norske Veritas (DNV) had estimated that rebranding the stations and creating a new logo would cost 1.9 billion kroner (325 million dollars).

State-run Oil and Natural Gas Corporation (ONGC) has unveiled its plan to pump $5.3 billion in developing gas fields in two of its eastern offshore Krishna Godavari basin blocks by 2013.