Indian Oil Expands Joint Venture With Malaysia's Petronas To Focus On LNG
State-run oil refiner Indian Oil Corporation (IOC) is expanding its joint venture (JV) with Malaysia's state-run Petronas to focus on liquefied natural gas (LNG) plants, according to news agency Reuters. Share price of Indian Oil gained around one per cent on Friday, August 27, after the announcement. On Friday, Indian Oil opened on the BSE at Rs 105.10, touching an intra day high of Rs 106.40, and an intra day low of Rs 105.10, throughout the trading session.
The country's top fuel retailer is expanding its joint venture with Petronas to include building liquefied natural gas terminals, fuel retailing, as well as gas distribution, according to S.M. Vaidya, Chairman, Indian Oil.
The refiner imports some liquefied petroleum gas through IndianOil Petronas Private Limited - its equal joint venture with the Malaysian firm. Indian Oil seeks to partner with global companies as it shifts focus to cleaner energy areas such as hydrogen.
The integrated oil company is investing Rs 1 lakh crore to raise its refining capacity by 25 million tonnes a year in the next two-five years, and maximise yields of chemical products.
India is the world's fourth-largest LNG importer and seeks to raise the share of natural gas in its energy mix to 15 per cent by 2030, from the current 6.2 per cent to reduce emissions.
On the NSE, Indian Oil opened at Rs 105.75, registering an intra day high of Rs 106.45 and an intar day low of Rs 105.30, in the trading session today.
On Friday, shares of Indian Oil settled 0.38 per cent higher at Rs 105.95 apiece on the BSE.
