Shares of Oil India Ltd rose 1.5% to hit a day’s high of Rs 419.25 on 29th October, after the firm announced on Tuesday, 28th October, that it had signed two Memoranda of Understanding (MoUs) with Bharat Petroleum Corporation Ltd (BPCL) and Numaligarh Refinery Ltd (NRL) during the 28th Energy Technology Meet 2025 in Hyderabad, in the presence of Shri Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas (MoPNG).

Oil India Ltd (OIL) said its new partnerships with BPCL and NRL mark a major step in its growth strategy across refining, petrochemicals, and logistics. This supports India’s push for a sustainable and self-reliant energy future.

OIL and BPCL signed an MoU to jointly develop BPCL’s proposed greenfield refinery and petrochemical complex near Ramayapatnam Port in Andhra Pradesh. The project has a refining capacity of 9–12 million metric tonnes per annum (MMTPA). Moreover, it includes an ethylene cracker unit with a capacity of 1.5 MMTPA. The investment involves about Rs 1 lakh crore and commercial operations are expected by FY 2030.

OIL may also take a minority equity stake in the proposed joint venture. The project has already received key approvals and 6,000 acres of land from the Andhra Pradesh government. Initial work is underway.

In another MoU, OIL, BPCL, and NRL agreed to jointly develop a Rs 3,500 crore cross-country petroleum product pipeline. The pipeline extends from Siliguri to Mughalsarai via Muzaffarpur, to handle NRL’s expansion from 3 MMTPA to 9 MMTPA. The project will be owned by BPCL (50%), OIL (25%), and NRL (25%).

OIL Chairman and Managing Director Dr Ranjit Rath said the collaboration highlights the company’s focus on diversification. It strengthens India’s energy distribution network.

BPCL Director (Refineries) Sanjay Khanna added that the Ramayapatnam project will help create world-class refining and petrochemical infrastructure in southern India. This effort reinforces the vision of Atmanirbhar Bharat.

At 12:15 PM, shares of Oil India were up 1.53% at Rs 419.05. Meanwhile, BPCL gained 1.73% to Rs 346.55 on NSE.

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