Share price of Indian Oil Corporation (IOC) gained more than three per cent on Tuesday, September 28, a day after the state-run oil refiner's Chairman stated that India may need an additional 2 million barrels per day (bpd) refining capacity by 2030. On Tuesday, Indian Oil opened at Rs 119, swinging to an intra day high of Rs 123.30, and an intra day low of Rs 118.65, in the trading session so far. Shares of Indian Oil were last trading 3.37 per cent higher at Rs 122.55 on the BSE.
According to news agency Reuters, SM Vaidya, Chairman of the country's top refiner said that India may need to add two million bpd by 2030 to help in economic growth, even as it takes steps to shift to cleaner fuels.
India is the world's third-biggest oil importer and consumer and currently has five million barrels per day of refining capacity. Indian Oil Corporation controls around a third of that capacity.
The Chairman, added in his statement that there could be a dip in fossil fuel demand in the next two-three decades as the country moves to cleaner fuels. In order to de-risk its core refining business, Indian Oil plans to boost the output of petrochemicals and lubes besides raising the use of green energy.
Earlier, Indian Oil had already announced plans to fuel its future expansion through green power. The government-owned oil refining company has set up a plant to sell 18 per cent hydrogen spiked compressed natural gas (CNG) for automobile in the national capital.
On the NSE, Indian Oil opened at Rs 118.70, touching an intra day high of Rs 123.40 and an intra day low of Rs 118.70, in the session so far. It was last trading 3.33 per cent higher at Rs 122.60 on the NSE.
At 1:24 pm, the BSE Sensex was trading 59,351.95 lower by 725.92 points or 1.21 per cent. The Nifty was trading 17,663.40 lower by 191.70 points or 1.07 per cent.