HPCL, Indian Oil and BPCL sign MOU with Saudi Aramco

HPCL, Indian Oil and BPCL 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 integrated refinery and petrochemicals complex at Ralnagiri in the state of Maharashtra through a Joint Venture named Ratnagiri Refinery & Petrochemicals Limited (RRPCL). The partnership would bring together the crude supply, resources, technologies, experiences, and expertise of these multiple oil companies with an established commercial presence around the world. Saudi Aramco may also bring in a strategic partner to co-invest in the project.

The proposed refinery will be capable of processing (60 MMTPA Crude Oil) 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 and also provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 million tons per annum of petrochemical products.

Shares of HINDUSTAN PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.364.75 as compared to the previous close of Rs. 366.8. The total number of shares traded during the day was 130802 in over 1697 trades.

The stock hit an intraday high of Rs. 370 and intraday low of 359.45. The net turnover during the day was Rs. 47522153.

Shares of BHARAT PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.454 as compared to the previous close of Rs. 449.9. The total number of shares traded during the day was 162289 in over 2151 trades.

The stock hit an intraday high of Rs. 454.95 and intraday low of 439.95. The net turnover during the day was Rs. 72715099.

Source : Equity Bulls

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