IOC gets nod from board to construct greenfield marketing terminal at Bihta, Patna

New Delhi: Indian Oil Corporation (IOC) has received stage-I approval from its Board of Directors for constructing a greenfield terminal at Bihta in Patna, Bihar, on the Barauni-Kanpur product pipeline and Patna-Motihari-Baitalpur Pipeline. The project will involve the re-sitement of the existing marketing terminal and pipeline pump station in Patna, with an estimated cost of Rs 1,698.67 crore.

In a regulatory filing to the stock exchanges, Indian Oil stated, “Pursuant to Regulation 30 read with Part A of Schedule III 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-I approval for the construction of a Greenfield Terminal at Bihta, Patna, Bihar on the Barauni-Kanpur product Pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs. 1,698.67 crores as a combined re-sitement of the existing Marketing Terminal and Pipeline pump station in Patna and for undertaking pre-project activities related thereto.”

Indian Oil Declares Q1 FY25 Results

Indian Oil’s net profit plunged 75 percent year-on-year in Q1 FY2024-25 due to weak Gross Refining Margin (GRM) and high crude oil prices. The state-run oil PSU recorded a consolidated net profit of Rs 14,735.30 crore in the June quarter of 2023-24, which has plummeted to Rs 3,722.63 crore in the June quarter of the current financial year. On a quarter-on-quarter basis, the consolidated net profit dropped by 32.16 percent.