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IOC surges on acquiring Abu Dhabi Onshore Block 1

Mumbai : Indian Oil Corporation (IOC) is currently trading at Rs. 158.70, up by 2.00 points or 1.28% from its previous closing of Rs. 156.70 on the BSE.

The scrip opened at Rs. 156.70 and has touched a high and low of Rs. 161.30 and Rs. 156.00 respectively. So far 507992 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 181.25 on 10-Apr-2018 and a 52 week low of Rs. 105.65 on 05-Oct-2018.

Last one week high and low of the scrip stood at Rs. 166.00 and Rs. 155.00 respectively. The current market cap of the company is Rs. 149590.99 crore.

The promoters holding in the company stood at 54.06%, while Institutions and Non-Institutions held 19.07% and 26.76% respectively.

Indian Oil Corporation (IOC) along with Bharat PetroResources (BPRL), a subsidiary of Bharat Petroleum Corporation (BPCL) acting jointly as a consortium through Urja Bharat Pte (Indian Consortium) have been awarded 100% stake in the Abu Dhabi Onshore Block 1 Concession (the Concession). The Concession has been awarded by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, where participation of the Indian Consortium is through a Special Purpose Vehicle (SPV), Urja Bharat Pte, which comprises of IndianOil : 50%, BPRL: 50%. The Indian Consortium will make an investment of $170 million for the exploration activities. This award is part of Abu Dhabi’s first-ever competitive block bid round.

The Concession award is for a term of 35 years with the effective date being March 24, 2019, which was signed on March 24, 2019 between ADNOC and Indian Consortium.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.