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IndianOil, BPCL and HPCL form JV for LPG pipeline project

Posted On: 2019-06-04 11:37:11

Indian Oil Corporation Limited (IndianOil), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have signed an Agreement on 03.06.2019 for formation of a Joint Venture Company for implementation and subsequent operation of 2757 Km long LPG Pipeline from Kandla, Gujarat to Gorakhpur, UP. IndianOil, BPCL and HPCL would have 50%, 25% and 25% equity holding in the JV Company.

The proposed pipeline will source product from Kandla and other LPG import terminals on West Coast and two refineries at Koyali, Gujarat and Bina, MP and would directly link 22 LPG bottling plants in Gujarat (3), MP (6) and UP (13) owned by the three promoter companies. In addition, the pipeline would feed LPG through road-bridging to additional 21 LPG bottling plants in Rajasthan, Gujarat, MP, Maharashtra and UP.

The pipeline is expected to provide reliability in the supply chain of LPG. Besides economic benefit as compared to Road Transportation, movement of LPG by Pipelines shall enhance safety as well.

Shares of INDIAN OIL CORPORATION LTD. was last trading in BSE at Rs.169.15 as compared to the previous close of Rs. 165.55. The total number of shares traded during the day was 951405 in over 6685 trades.

The stock hit an intraday high of Rs. 170.4 and intraday low of 167. The net turnover during the day was Rs. 160671682.

Shares of BHARAT PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.415.8 as compared to the previous close of Rs. 409.15. The total number of shares traded during the day was 177457 in over 2149 trades.

The stock hit an intraday high of Rs. 419.5 and intraday low of 411. The net turnover during the day was Rs. 73644352.

Shares of HINDUSTAN PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.324.25 as compared to the previous close of Rs. 324.15. The total number of shares traded during the day was 505091 in over 5241 trades.

The stock hit an intraday high of Rs. 333.45 and intraday low of 321.3. The net turnover during the day was Rs. 165251909.


Source: Equity Bulls

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