PSU OMCs, Engineers India edge higher on reports of plan to set up India's biggest refinery

Two PSU OMCs and Engineers India rose 1.24% to 1.91% at 13:02 IST on BSE after Oil Minister Dharmendra Pradhan was quoted as saying that these companies will invest Rs 1.5 lakh crore in setting India's biggest refinery in Maharashtra.

Indian Oil Corporation (IOCL) (up 1.91% at Rs 402.75), HPCL (up 1.56% at Rs 802.40) and Engineers India (up 1.24% at Rs 212.10) edged higher. BPCL (down 0.05% at Rs 877.25) edged lower.

Meanwhile, the S&P BSE Sensex was up 99.46 points or 0.41% at 24,585.41.

Minister of State for Petroleum and Natural Gas Dharmendra Pradhan was quoted as saying that IOCL will build a 60-million tonne a year oil refinery in Maharashtra along with BPCL, HPCL and Engineers India on the West coast. The refinery will produce petrol, diesel, liquefied petroleum gas (LPG), aviation turbine fuel (ATF) and feedstock for petrochemical plants in plastic, chemical and textile industries in Maharashtra, Pradhan reportedly said. The Maharashtra state government and the Ministry of Petroleum and Natural Gas will closely work for early identification of land for refinery and finalisation of details of project, Pradhan reportedly said.

Meanwhile, Brent for March settlement was currently down 59 cents at $31.21 a barrel. The contract had risen $1.30 a barrel or 4.26% to settle at $31.80 a barrel during the previous trading session.

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