• Source:JND
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Petroleum Stocks Today: Shares of Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corp. rose as much as 5% during intraday trading on Friday following news that Saudi Aramco is in talks to invest in two new refineries in India.

However, both stocks pared some of their gains in afternoon trade. At around 1:42 pm, the shares of ONGC were trading at 249.52, surging 3.04% against the previous day's closing price of Rs 242.17 per share on NSE. Meanwhile, the intraday high and low of the petroleum stock were Rs 254.90 and Rs 243.26 respectively.

In the early trade, BPCL shares jumped up to 3% to hit an intraday high of Rs 284.33 on NSE. However, the stock turned flat amid selling. At around 1:49 pm, the shares were trading at Rs 277.32, up 0.47% against the previous session's closing price of Rs 276.06 per share.

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According to a Reuters report, Aramco intends to supply crude oil equal to three times its stake in each project and intends to either sell or export the Indian stake. Refineries owned by ONGC in Gujarat and BPCL in Andhra Pradesh are of special interest to the Saudi oil tycoon.

Saudi Arabia’s proportion of India’s oil imports has declined as refiners seek lower-cost alternatives, such as Russian crude. The investment is seen as part of Aramco’s plan to establish a reliable outlet in India, the fastest-growing energy market in the world. The two countries are expected to finalize the agreement before Prime Minister Narendra Modi visits Saudi Arabia in the second quarter of this year.

While BPCL uses a vast infrastructure, including refineries in Mumbai and Visakhapatnam, to refine and market petroleum products, ONGC focuses on exploration, development and production of crude oil and natural gas.

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Disclaimer: This is just a piece of news about recent developments in the stocks. Jagran does not advise investing, please do take expert opinion before investing.

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