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    IOC   INE242A01010

INDIAN OIL CORPORATION LIMITED

(IOC)
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Delayed NSE India Stock Exchange  -  03:29:58 2023-01-30 am EST
80.80 INR   -0.25%
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Indian petrochemical demand could rise threefold by 2040- IOC exec

11/11/2022 | 05:45am EST
FILE PHOTO: An Indian Oil tanker driver waits outside a fuel depot in Mumbai

NEW DELHI (Reuters) - India's annual petrochemical consumption could nearly triple to 80 million tonnes by 2040 forcing the country to either raise imports or invest into building new facilities, said an executive at the nation's top refiner Indian Oil Corp.

Population growth, development, and economic expansion "are going to increase the demand or these are the drivers basically for increased petrochemicals demand," A. S. Sahney, executive director for petrochemicals at IOC, said at a conference on Thursday.

India, Asia's third-largest economy, annually consumes 25 million to 30 million tonnes of petrochemicals. Its per capita consumption is about a third of global average.

Indian refiners have traditionally focussed on maximising production of gasoline and gasoil and it is a net importer of petrochemicals.

Companies are investing billions of dollars to boost their petrochemical capacity to hedge against expected slow demand growth for conventional fuels in the long run.

"As the demand for gasoline and diesel goes down, we have to find ways of making petrochemicals. Otherwise, we will be in a situation where the refineries will be running at non-optimal or sub-optimal conditions," he said.

He said the country is looking to employ up to 40% of petrochemical integration at its refineries.

(Reporting by Mohi Narayan; Editing by Nidhi Verma and Christian Schmollinger)

By Mohi Narayan


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.69% 85.6 Delayed Quote.1.71%
INDIAN OIL CORPORATION LIMITED -0.12% 80.8 Delayed Quote.5.88%
S&P GSCI GAS OIL INDEX -0.98% 845.0112 Real-time Quote.1.52%
WTI -1.67% 78.915 Delayed Quote.0.75%
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Financials
Sales 2023 7 942 B 97 414 M 97 414 M
Net income 2023 102 B 1 246 M 1 246 M
Net Debt 2023 1 252 B 15 352 M 15 352 M
P/E ratio 2023 11,1x
Yield 2023 3,93%
Capitalization 1 115 B 13 682 M 13 682 M
EV / Sales 2023 0,30x
EV / Sales 2024 0,31x
Nbr of Employees 31 254
Free-Float 27,3%
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Number of Analysts 30
Last Close Price 81,00 INR
Average target price 89,43 INR
Spread / Average Target 10,4%
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Managers and Directors
Sanjay Kaushal CFO & Executive Director-Corporate Affairs
Shrikant Madhav Vaidya Chairman
S. S. V. Ramakumar Director & Director-Research & Development
Prasenjit Biswas Independent Director
Dilip Gogoi Lalung Independent Director
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