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State-owned Indian Oil Corporation is set to invest $4.46 billion to enhance the capacity of its refinery in Haryana s Panipat by two-third quantum to 5,00,000 barrels per day (bpd) from the present 3,00,000 bpd by September 2024, reports
Economic Times.
Along with the expansion of the refining capacity, IOC will also be setting up catalytic dewaxing and polypropylene units at the facility to boost the production of value-added speciality products as it looks to improve margins and de-risk the conventional fuel business.
Earlier in 2018, IOC announced capacity expansion of the 300,000 bpd Panipat refinery costing Rs 231 billion.
Meanwhile, Union Oil Minister Dharmendra Pradhan has also sought 175 acres of land in West Bengal for expanding IOC s 1,60,000 bpd Haldia refinery in a bid to meet the nation s surging energy demand.
State-owned Indian Oil Corporation (IOC) on Friday said it will invest Rs 32,946 crore to expand its oil refinery at Panipat in Haryana to 25 million tonnes per annum capacity and set up chemical units. The expansion will be completed by September 2024, the firm said in a filing to the stock exchanges. Panipat refinery currently has a capacity to turn 15 million tonnes per annum of crude oil into value-added fuels such as petrol, diesel, and ATF. Besides expanding the oil refining capacity, the company also plans to set up a polypropylene unit and a catalytic dewaxing unit. Polypropylene is used in packaging, plastic parts for various industries including the automotive industry, special devices like living hinges, and textiles.
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IOC to monetise pipeline assets, says many investors interested
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IOC to monetise pipeline assets, says many investors interested
PTI / Feb 2, 2021, 14:17 IST
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NEW DELHI: State-owned Indian Oil Corporation (IOC) is likely to sell stakes in one or two of its vast network of crude oil and petroleum product pipelines in the country under the asset-monetisation plan, but won t give up control, its director (finance) Sandeep Kumar Gupta said Tuesday. InvIT could be one model which we may look at but we won t sell 100 per cent. We will remain the operator, he said on a conference call with analysts and investors.
Indian Oil to monetise pipeline assets, says many investors interested
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Last Updated: Feb 02, 2021, 02:34 PM IST
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Synopsis
Finance Minister Nirmala Sitharaman in her Budget for fiscal year beginning April 1, announced monetisation of oil and gas pipeline assets of IOC, gas utility GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd (HPCL).
Agencies
IOC also owns two natural gas pipelines - 132-km Dadri-Panipat and 1,421 km Ennore-Tuticorin line, and two LPG lines - 280-km Panipat-Jalandhar and 873-km Paradip-Haldia-Durgapur.
IOC) is likely to sell stakes in one or two of its vast network of crude oil and petroleum product pipelines in the country under the asset-monetization plan, but won t give up control, its Director (Finance) Sandeep Kumar Gupta said Tuesday. InvIT could be one model which we may look at but we won t sell 100 per cent. We will remain the operator, he said on a conference call with analysts and investors.