New Delhi: Indian Oil Corporation (IOC) has received the stage-I approval from its Board of Directors for the construction of a greenfield terminal at Bihta in Patna, Bihar, on Barauni-Kanpur product pipeline and Patna-Motihari-Baitalpur Pipeline. The project will involve re-sitement of the existing marketing terminal and pipeline pump station in Patna. It will have an estimated cost of Rs 1,698.67 crore.
In a regulatory filing to the stock exchanges, Indian Oil said, “Pursuant to Regulation 30 read with Part A of Schedule Ill of SEBI (LODR) Regulations 2015, it is hereby informed that the Board of IndianOil at its meeting held on 30th July 2024 has accorded stage - 1 approval for construction of Greenfield Terminal at Bihta, Patna, Bihar on Barauni-Kanpur product Pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs. 1,698.67 crores as combined re-sitement of existing Marketing Terminal and Pipeline pump station in Patna and for undertaking pre-project activities related thereto.”
Indian Oil’s net profit plunged 75 percent in Q1 of FY2024-25 year-on-year on account of weak Gross Refining Margin (GRM) and high crude oil prices. While the state-run oil PSU had recorded a consolidated net profit of Rs 14,735.30 crore in the June quarter of 2023-24, the figure has plummeted to Rs 3,722.63 crore in the June quarter of the current financial year. On quarter-on-quarter basis, the consolidated net profit has dropped by 32.16 percent.
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