homevideos Newsearnings NewsDiesel sales down due to low railway volume, says IOC’s Sandeep Kumar Gupta
Diesel sales down due to low railway volume, says IOC’s Sandeep Kumar Gupta
Diesel sales pulled down majorly due to lower railway volume, said Sandeep Kumar Gupta, Director of Finance at Indian Oil Corporation (IOC), on Wednesday.
Diesel sales pulled down majorly due to lower railway volume, said Sandeep Kumar Gupta, Director of Finance at Indian Oil Corporation (IOC), on Wednesday.
Speaking in an interview with CNBC-TV18, Gupta said, “We are seeing smart recovery in gasoline and demand has been robust. Our diesel sales are pulled down mainly because of railways and State Transport Corporation lower volumes. However, we hope that with the recovery in economy and vaccination drive the demand will be robust in the coming months and we will soon require sales.”
Refining margins will be under pressure till the time global economy improves, he said. “We are sailing through because of robust margins on petrochemicals and other margins.”
On the expansion front, Gupta said, “Our Barauni refinery is expanded to 9 million tonne from 6 million tonne; the project was approved last year. A few months back we unveiled our plans for expansion of Gujarat refinery from 13.7 million tonne to 18 million tonne with a lot of integration of lube and petrochemicals and now the board has approved a joint venture project of putting up a 9 million refinery at Nagapattinam with subsidiary Chennai Petroleum Corporation (CPCL) with each IOC and CPCL holding 25 percent and for balance 50 percent we are looking at financial strategic partner.”
Watch the video for more
(Edited by : Ajay Vaishnav)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM