GP Petroleums JV Bags Supply Order Worth INR740 Million; Shares Jump 4%

MT Newswires Live

05/06

GP Petroleums (NSE:GULFPETRO, BOM:532543) said its joint venture Amron Oil Resources Pvt. Ltd. has received a letter of acceptance worth 740.4 million Indian rupees from Indian Oil Corp. (NSE:IOC, BOM:530965) for supply of bulk bitumen, according to a filing with the Indian bourses by the company.

Shares of the company jumped 4% at market close on Wednesday.

The contract involves supply of 9,000 MT of VG-30 and 6,000 MT of VG-40 at Pipavav, the filing said.

The order is to be executed over 12 months, with an option to extend by another year on mutual agreement, it added.

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