ONGC, BPCL shares rally on reports of Saudi Armaco investment talks in Indian refineries

The world’s biggest oil producer, Saudi Aramco, is reportedly in talks to invest in two planned refineries in India as it looks for a stable outlet for its crude in the country.

According to a Reuters report, the top oil exporter is also in separate talks to invest in Oil and Natural Gas Corp’s (ONGC) refinery in Gujarat and Bharat Petroleum Corp’s (BPCL) planned refinery in Andhra Pradesh.

Following this development, shares of ONGC rallied 5.26% to an intra-day high of ₹254.90 on Friday, March 28, on the National Stock Exchange (NSE). Meanwhile, BPCL shares surged 3% to a high of ₹284.33 on Friday.

People with knowledge on the matter told Reuters that Aramco proposed to supply oil equal to three times its share in each project. Further, it wants to sell its stake in production either in India or by export.

State-owned Aramco has long been scouting for refining opportunities in India, which is the world's third-biggest oil consumer and importer.

ONGC share performance

ONGC shares rose 4.43% over five days and 12.47% since the beginning of March. The stock climbed 5.71% on a year-to-date basis.

As of 1:23 pm, the scrip was trading at ₹253.06 apiece, up 4.50% on the NSE.

The company hit its 52-week low of ₹215.48 on March 4, 2025, and a high of ₹345 on August 13, 2024. ONGC has a total market capitalisation of ₹3.18 lakh crore as of March 28, 2025, on the NSE.

BPCL stock performance

BPCL stocks have lost 0.62% since Monday but gained 17.13% on a month-to-date basis. The scrip has tanked 4.99% since the beginning of 2025.

The share was trading at ₹278.21, up 0.78% at around 1:23 pm on the NSE.

It reached its 52-week low of ₹234.01 on March 3, 2025, and a high of ₹376 on September 30, 2024. BPCL has a total market capitalisation of ₹1.21 lakh crore as of March 28, 2025, on the NSE.