IOC said it raised Rs 2,000 crore on a private placement basis.
Aramco and Adnoc are to hold 50 per cent in the project, while IOC has a 25 per cent stake. The remaining 25 per cent is split equally between BPCL and HPCL.
Land acquisition was completed and the oil major started pipeline laying work in Tiruchy two weeks ago.
Indian Oil Corpn will have to wait longer for its 3-lakh metric tonne crude oil cargo
The Gujarat refinery project is part of IOC's plans to boost petrochemical capacity by more than 70 per cent over the next decade, from 3.2 million tonnes a year currently, Vaidya said.
According to the review, Indian Oil Corporation Limited (IOCL) has spent Rs 346 crore during the current financial year on its 357-KTA Monoethylene Glycol (MEG) plant at Paradip Refinery.
Reliance had broken into the top 100 in 2012 ranking when it was ranked 99th but slipped in subsequent years to rank 215th in 2016.
Fuel sales had fallen by a record 45.8 per cent in April when a nationwide lockdown was in place to check the coronavirus infections.
The firm recorded an inventory loss of Rs 3,196 crore in Q1 as compared to inventory gain of Rs 2,362 crore a year back.
Major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad products pipeline.
IOC Chairman Sanjiv Singh said the company, which started with lubricant marketing in Bangladesh in 1999, is now joining hands with a formidable partner.
Oil Minister Dharmendra Pradhan and Haryana Chief Minister Manohar Lal laid the foundation stone of the Technology Development and Development Centre.
Petrol demand has risen unexpectedly possibly because most public transport is still off roads and private vehicles are being used for commuting.
Fitch revised the outlook on Hindustan Petroleum Corp Ltd (HPCL), which is a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), to negative from stable.
Indian Oil Corporation’s nodal officer E Rama appealed to the people to not to resort to hoarding stocks by booking in advance.