Indian Oil is eyeing to increase their natural gas sales by one-and-half times by 2030, Arvinder Singh Sahney, Chairman of the state-owned oil-marketing company stated in his address at the annual general meeting of shareholders Monday.

Further underlining plans for expanding their refining capacity, Mr. Sahney stated the Delhi-headquarted refiner is looking to contribute more than 40% of the 300 million metric tonnes per annum (MMTPA) refining capacity that the country is targeting.

Indian Oil reported their highest-ever natural gas sales of 7.09 million metric tonnes (MMT) in the fiscal year 2025-26.

Its city-gas distribution also achieved positive EBITDA.

“Looking ahead, we have set a target of increasing natural gas sales by 1.5 times by 2030, supported by expansion across the global gas value chain,” said Mr. Sahney.

On the aspect on refining capacities, the Chairman also stated in his address that the company’s ongoing expansion projects for Panipat refinery (capacity being expanded from 15 MMTPA to 25 MMTPA), Gujarat (from 13.7 MMTPA to 18 MMTPA) and Barauni (from 6 to 9 MMTPA), would cumulatively take their refining capacity to 98 MMTPA from the present 80.75 MMTPA.

Mr. Sahney also underlined targets to progressively increase their petrochemical intensity index, that is, the ability of a refiner to produce chemical products from every barrel of oil instead of HSD and MS, among other, to about 15% by 2030.

Indian Oil Corp has crude oil supplies secured for the entirety of August and most of September, Arvinder Singh Sahney, Chairman of the state-owned oil-marketing company told reporters on Friday (July 31, 2026).

“We are comfortably placed with crude oil supplies till August and most of September, which is about 45 to 50 days,” he stated.

State-owned oil-marketing companies, that is, Bharat Petroleum, Hindustan Petroleum and Bharat Petroleum, as they sought to shield prices of retail petroleum products notwithstanding the conflict in Asia which marred shipping across the energy route, that is, the Strait of Hormuz.

The Delhi-headquartered refiner posted a net loss of ₹2,661 crore in the June-end quarter.

Peers Hindustan Petroleum and Bharat Petroleum also incurred net loss of about ₹12,265 crore and ₹3,962 crore during the same period.

Indian Oil’s overall revenues rose 26% on a year-over-year basis to about ₹2.76 lakh crore.

Mr. Sahney attributed the narrower-than-anticipated net loss to the refinery’s operational efficiencies.

“We were able to navigate through the period because of the physical performance of our assets and their capabilities,” he stated.

For perspective, the company’s refinery throughput stood at 19.165 million metric tonnes (MMT) harbouring capacity utilisation of 109.4% during the quarter.

This was an improvement of 3% from the comparable period last year.

Indian Oil also posted their lowest-ever quarterly fuel and loss of 8.04% in the post Bharat Stage-VI scenario.

Pursuing diversification

Mr. Sahney told reporters that amidst the disruption to supplies of crude oil from the Strait of Hormuz, the refiner also took to spot purchases from West Africa, South America and Venezuela.

On liquified petroleum gas (LPG), Mr. Sahney stated that Indian Oil would pursue diversification “as much as possible”.

Seeking to shield consumers from the impact of global price surge, Indian Oil incurred under-recoveries of ₹720 per cylinder in June and ₹503 per cylinder in July.

Separately, officials also informed that Indian Oil has tapped into the Reserve Bank of India’s credit facility swap window to raise $500 million.

The facility seeks to offer concessional swaps for fresh FNCR (B) deposits, external commercial borrowings (ECBs) and overseas foreign currency borrowings (OCBs).