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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Indian Oil Corporation    IOC   INE242A01010

INDIAN OIL CORPORATION

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India and Nepal open South Asia’s first cross-border oil pipeline

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09/10/2019 | 06:09am EDT
People watch the live broadcast on a screen as Nepal's Prime Minister Khadga Prasad Sharma Oli delivers a speech during the inauguration of the Motihari-Amlekhganj petroleum pipeline project through a video conference in Kathmandu

KATHMANDU (Reuters) - India and Nepal officially opened South Asia's first cross-border oil pipeline on Tuesday, a project seen as part of New Delhi's efforts to increase its influence in the Himalayan nation where China is also making deep inroads.

Indian Prime Minister Narendra Modi and his Nepal counterpart K.P. Sharma Oli joined the inauguration ceremony by video link from their respective capitals.

India funded the 3.24 billion rupee (36.5 million pounds) pipeline project, which has an annual capacity of 2 million metric tonnes and will enable Nepal to import fuel from India at a lower cost. India is Nepal's sole supplier of oil which is currently carried on tankers via road to the land-locked country.

The 69-km (43 miles) pipeline, built by state-owned Indian Oil Corporation in cooperation with Nepal Oil Corporation, was completed 15 months ahead of schedule, officials said.

"This is a matter of satisfaction that South Asia's first cross-border petroleum pipeline has been completed in record time. This has been completed in about half of the expected time," Modi said.

The pipeline will supply oil from Motihari in the eastern Indian state of Bihar to Amlekhgunj in Nepal.

Traditionally India has been slow to implement projects despite ambitious plans, and has often faced criticism from politicians in Nepal for what they see as meddling by their much bigger neighbour.

However, the implementation of India-funded projects in Nepal gained momentum following talks between Modi and Oli last year, officials said.

The Himalayan republic is a natural buffer between India and China, which is also pouring aid and investment into Nepali hospitals, roads and hydroelectric plants.

India and Nepal, which share a 1,751-km (1,094 miles) border, have close religious and cultural bonds and tens of thousands of Nepalis work in India.

The pipeline is the "best example of connectivity in the field of trade and transit ... between Nepal and India," Oli, flanked by his cabinet ministers, said in a televised video address.

Oli said Nepal's government had cut the cost of petrol by about two US cents a litre from Tuesday to benefit consumers as the pipeline would cut oil transport costs.

Nepal consumes about 2.66 million tonnes of oil and about 480,000 tonnes of cooking gas, currently carried in trucks from half a dozen Indian depots to different points in Nepal.

The pipeline will save Nepal about $8.7 million a year in transport costs for fuel, Birendra Goit, a spokesman for Nepal Oil Corporation, said.

(Additional reporting by Manoj Kumar in New Delhi; Editing by Susan Fenton)

By Gopal Sharma

Stocks mentioned in the article
ChangeLast1st jan.
INDIAN OIL CORPORATION -2.61% 125.2 End-of-day quote.-5.07%
KATHMANDU HOLDINGS LTD 5.62% 2.63 End-of-day quote.-7.34%
LONDON BRENT OIL -5.86% 64.14 Delayed Quote.11.63%
WTI -5.11% 58.74 Delayed Quote.21.48%
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Financials (INR)
Sales 2020 5 344 B
EBIT 2020 245 B
Net income 2020 153 B
Debt 2020 998 B
Yield 2020 5,85%
P/E ratio 2020 7,59x
P/E ratio 2021 6,38x
EV / Sales2020 0,40x
EV / Sales2021 0,39x
Capitalization 1 147 B
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Number of Analysts 29
Average target price 165,32  INR
Last Close Price 125,20  INR
Spread / Highest target 63,7%
Spread / Average Target 32,0%
Spread / Lowest Target -8,15%
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Sanjiv Singh Chairman
Alok Khanna Executive Director-Information Systems
S. S. V. Ramakumar Director & Director-Research & Development
Parindu K. Bhagat Independent Non-Executive Director
Govind Kottieth Satish Director, Director-Planning & Business Development
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