EIL rallies over 5% on winning refinery contract in Nigeria

NEW DELHI: Engineers India Ltd surged as much as 5.8 per cent in trade on Thursday, after the state-run firm said that it has inked a $139 million consultancy deal, its largest-ever, for a 20 million tonne refinery and polypropylene plant being built in Nigeria by Dangote Group.

At 10:20 a.m.; EIL pared some of the morning gains but was still trading 2.8 per cent higher at Rs 312.75. It hit a low of Rs 310.80 and a high of Rs 322 in trade today.

EIL will provide project management consultancy and engineering, procurement and construction management services to the Dangote Oil Refining Company, the firm said in a statement on Wednesday, said a TNN report.

According to the report, the refinery is being built at Lekki free trade zone near Lagos and has a capacity of processing 400,000 barrels of crude per day and produce 600,000 tonnes of polypropylene.