IOC and HPCL win city gas contracts

Indian Oil and Hindustan Petroleum and have bagged licenses to retail CNG for vehicles and piped natural gas (PNG) to households in several cities in Bihar, Jharkhand, Uttar Pradesh and West Bengal. 

Petroleum and Natural Gas Regulatory Board (PNGRB) informed that Indian Oil Corporation (IOC) won the license for city gas distribution in 10 cities, mostly in the states Bihar and Jharkhand. On the other hand, Hindustan Petroleum Corporation Limited (HPCL), which is now a subsidiary of Oil and Natural Gas Corp (ONGC) bagged licences to retail CNG to vehicles and supply PNG in nine cities of Uttar Pradesh and West Bengal. For one of the 10 cities, IOC's JV with Adani Gas has won the license.

On Wednesday, the stocks of IOC closed at Rs. 140.90 per share, down 0.56 per cent and HPCL closed at Rs. 222.65 per share, down by 1.50 per cent on BSE. The benchmark index BSE Sensex was at 35,905.43, down by 68.28 points or 0.19 per cent.