REFINING MARGINS UNDER PRESSURE
EOL’s refining margins are likely to be under pressure in near to
medium term on falling petroleum product demand and huge capacity
build-up in next 3-6 months. Additionally, EOL will have a double
whammy on account of a possible increase in capex for refinery
expansion (high borrowing costs) and the completion of the project at
a time when a lot of new capacities are getting operational.

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