Oil India gains on Rs 16,500-crore investment plan to curb emissions

Oil India plans to invest Rs 16,500 crore to achieve its net zero carbon emission goals by 2040, a report has said

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Oil India shares were trading 2 percent higher on September 11 after reports said that the state-owned fuel producer was planning to invest Rs 16,500 crore to achieve its net zero carbon emission goals by 2040.

“The company plans to invest about Rs 9,000 crore for 1,800 megawatts solar and onshore wind energy projects and Rs 3,000 crore for green hydrogen project. It will also invest Rs 1,000 crore on carbon capture, utilization and storage projects,” a Reuters report said.

Moneycontrol couldn’t verify the report independently.

“The other public sector energy companies namely, Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Gas Authority of India, Oil and Natural Gas Corporation have already announced their net zero goal. Now, together with Oil India, the six-state run energy companies plan to invest Rs 6.38 trillion,” the report said.

At 11.30 am, Oil India stock was quoting at Rs 285.95 on the National Stock Exchange, up Rs 4.60, or 1.63 percent.

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In the June quarter, the company reported a 41.86 percent year-on-year (YoY) decline in revenue at Rs 6,208 crore. Net profit was down 56.68 percent YoY to Rs 1,399 crore. The operating profit margin also contracted 900 basis points to 37 percent.

One basis points is one-hundredth of a percentage point.

Oil India is engaged in the business of exploration, production, and marketing of crude oil and natural gas. The company operates oil fields and gas fields, primarily in India.

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