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A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016 (representational image).Reuters file

Indian Oil Corporation (IOC), a state-run oil marketing company, said on Friday that Sanjiv Singh, currently director of refineries, has been elevated as chairman of the company.

The 56-year-old executive was chosen among eight candidates interviewed by the Public Enterprise Selection Board (PESB), according to PTI.

He will take over from the current chairman, B Ashok, who retires by May 2017.

Singh is a chemical engineer by profession from IIT-Roorke and joined the company in 1981. He has worked in various capacities at IOC's Mathura, Barauni and Panipat refineries, PTI added.

The share price of IOC closed at Rs 583.65, up 0.98 per cent from its previous close.

IOC is embarking on a major expansion plan entailing an investment of over Rs 1,80,000 crore over the next six years. Along with another public sector energy company, GAIL (India), the company is buying a stake Dhamra LNG Terminal Private Limited (DLTPL).

Adani Group will have 50 per cent stake in the five million metric tonnes per annum (MMTPA)-capacity LNG receiving, storage and re-gasification terminal being established at Dhamra Port in Odisha.

The LNG Terminal would also meet the gas requirements of three oil refineries of IOC situated in Barauni, Haldia and Paradip.

Hindustan Petroleum Corporation and Bharat Petroleum Corporation are the other two oil marketing companies in India.

Crude refined in India during August rose 2.32 per cent to 20,290.26 thousand metric tonnes (TMT). Cumulative production of refined crude oil during April-August, 2016 was 1,01,784.38 TMT up 3.35 per cent from 7.64 per cent in the corresponding period last year.