IndianOil forms JV with BPCL & HPCL

IndianOil alongwith BPCL & HPCL had incorporated a JVC named Ratnagiri Refinery & Petrochemicals LTD. (RRPCL) to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in the state of Maharashtra. Today, IndianOil, BPCL and HPCL have signed a Memorandum of Understanding (MOU) with Saudi Aramco, a leading global integrated energy and chemicals company in the Kingdom of Saudi Arabia, to jointly develop and build the said project.

The MOU would provide for the joint ownership, control and management of the refinery project. The refinery will be capable of processing 60 MMTPA Crude Oil i.e. 1.2 million barrels of crude oil per day (of which some will be Arabian crude) and produce a range of refined petroleum products, including Motor Spirit and Diesel, which will meet Euro VI fuel specifications. It will also provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 MMTPA of petrochemical products.

Shares of INDIAN OIL CORPORATION LTD. was last trading in BSE at Rs.179.3 as compared to the previous close of Rs. 179.6. The total number of shares traded during the day was 196362 in over 2996 trades.

The stock hit an intraday high of Rs. 181.25 and intraday low of 177. The net turnover during the day was Rs. 35105421.

Source : Equity Bulls

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