Oil Minister unveils 5 PSBs to join International Solar Alliance; ONGC, IOC, BPCL, HPCL and Gail stocks tumble
Oil Minister unveils 5 PSBs to join International Solar Alliance; ONGC, IOC, BPCL, HPCL and Gail stocks tumble – Tracking huge sell-offs of domestic benchmarks, the oil and gas stocks were also on hotbed during Wednesday’s trading session.
However, major laggards were five state-owned companies namely ONGC, BPCL, Gail India, HPCL, Indian Oil (IOCL) on exchanges. Notably, within the latest development, Oil Minister Dharmendra Pradhan selected these OMCs to hitch International Solar Alliance (ISA)’s coalition for sustainable climate action (ISA-CSCA) as corporate partners.
At around 11.57 AM, ONGC stock was the lead underperformer on S&P BSE Oil & Gas indices, by trading at Rs71.40 per piece down 4.16%.
ONGC stock was followed by IOCL trading at Rs79.90 per piece below 3.44%, HPCL at Rs192.10 per piece lower by 3.35%, Gail at Rs91.80 per piece down 2.75%, and BPCL at Rs401.50 per piece below 2.62%.
ISA perfectly fits and matches the growing energy needs of nations across the world. The Oil & Gas companies in India will work closely with ISA to explore opportunities for implementation of solar-based projects within India also as in other countries particularly other developing countries where ISA is focusing on faster development of solar power infrastructure.”
He further said that the Alliance reflects the vision and therefore the firm belief that the beneficence of the Sun might be wont to compile the peoples of this planet for a shared solution to our energy needs.
Talking about oil & gas sector achievements made thus far, Pradhan highlighted saying our oil & gas companies also are making efforts to deploy solar panels across the worth chain of their operations, and the current installed solar energy capacity is 270 MW. “Additional 60 MW solar capacity is going to be added within the coming year.
He also said, “We have haunted the mission of solarizing about 50% of fuel stations owned by Public Sector oil companies within the next five years. quite 5000 fuel stations of Indian Oil, the most important Public Sector Oil Marketing company, were solarized last year. a considerable amount of solar PV capacity was also added by Oil & Gas companies during a previous couple of years.”
In Pradhan’s opinion, Oil & Gas PSUs are increasingly evaluating new opportunities within the solar and RE space for diversification.
Read more Public Sector News on India Frontline.