Lagatar24 Desk
New Delhi, Sept.28: The stock price of Indian Oil Corporation (IOC) rose more than 3% on Tuesday, a day after the Chairman of the state-run oil refiner said that India may require an additional 2 million barrels per day (bpd) of processing capacity by 2030.
Indian Oil began at Rs. 119 on Tuesday, swinging to an intraday high of Rs. 123.30 and an intraday low of Rs. 118.65 so far in the trading day. On the BSE, Indian Oil shares were last trading 3.37 percent higher at Rs.122.55.
On the NSE, it started the day at Rs.118.70 on the NSE, and has since reached an intraday top of Rs. 123.40 and an intraday low of Rs. 118.70. It was recently trading 3.33 percent higher at 122.60.
SM Vaidya, the Chairman of IOC, had said on Sept. 27 that the country may need to add two million barrels per day (bpd) by 2030 to help with economic growth, even as it moves to switch to cleaner fuels. He also predicted that as the country transitions to cleaner fuels, demand for fossil fuels may decline over the next two to three decades. To reduce the risk of its main refining operation, Indian Oil wants to increase the production of petrochemicals and lubricants while also increasing the usage of renewable energy.
Indian Oil had previously stated that it intends to use green energy to power its future expansion. In the national capital, a government-owned oil refining firm has opened a plant to supply 18% hydrogen-spiked compressed natural gas (CNG) for automobiles.
It should be noted that India is the world’s third-largest oil importer and user, with a refining capacity of five million barrels per day. Around a third of that capacity is controlled by Indian Oil Corporation.
