Indian Oil Corporation Ltd expects to commission projects worth Rs 30,000 crore during 2009-10, according to an MoU signed between the public sector refinery and the petroleum ministry recently.
These projects would include a naphtha cracker at Panipat in Haryana; a residue upgradation project at Koyali Refinery in Gujarat; and a once-through hydrocracker at Haldia in West Bengal. The MoU also calls for completion of the Rs 1,008-crore Panipat petroleum refinery expansion project in Haryana from 12 million tpa to 15 million tpa.
Meanwhile, following criticism from the Standing Committee on Petroleum & Natural Gas on Oil Refineries about the slow pace of work on the Paradip refinery and petrochemical project in Orissa, project promoter Indian Oil Corporation Ltd has now finalised a project schedule and a financial progress update. IndianOil is constructing a 15-million tpa grassroots refinery supported with a petrochemical complex, at an approved investment of Rs 29,777 crore.
It has now been proposed that only the petroleum refinery would be set up in the first phase of the project, while the petrochemical complex would be taken up subsequently. The project, by original timelines, was scheduled to commission by March 2012.
Source : ProjectsMonitor
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