Oil marketing companies gain on plans to set up mega refinery

IOC, BPCL and HPCL plan to set up a mega refinery Ratnagiri in coastal Maharashtra

State-owned oil marketing companies viz Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) have firmed up 0.5%-1% each on the Bombay Stock Exchange on reports that they might jointly set up a mega refinery at Ratnagiri in coastal Maharashtra.

According to sources, IOC could possibly take majority stake in the refinery which would have a capacity of 30 million tonnes per annum and the cost of the project is estimated at Rs 60,000 crore.

At 10:15am,over 250,000 shares of BPCL , 190,000 shares of HPCL and 108000 shares of IOC were traded on both the stock exchanges.