IOCL - Outcome Of Board Meeting
Indian Oil Corporation Limited has informed that the board of directors of the company at its meeting accorded approval for the following:
1. Augmentation of Kandla LPG import Terminal
Augmentation of Kandla LPG Import Terminal from 0.6 MMTPA to 2.5 MMTPA at an estimated cost of Rs.588 crore. The augmentation would help in bridging the gap in supply-demand of LPG in Northern and Western India.
2. Laying of 30" crude oil pipeline in Haldia-Barauni Section
Laying of 30" crude oil pipeline in Haldia Barauni Section of Paradip-Haldia-Barauni Pipeline and conversion of existing 18" product pipeline and gas pipeline at an estimated cost of Rs.3217 crore. The project would enable to meet the increased crude oil requirement of Barauni Refinery. The conversion of existing crude oil pipeline to product pipeline and gas pipeline would help in meeting the product requirements in the market and gas requirement of Barauni Refinery.
3. Augmentation of Mathura-Tundla Product Pipeline
Augmentation of Mathura-Tundla Product pipeline and its extension for hook-up with Barauni-Kanpur Pipeline at Gawria T-Point by laying Tundla-Gawria pipeline at an estimated cost of Rs.686 crore. The pipeline would provide greater flexibility in the supply chain of the finished products to the demand centres.
4. Project for production of 100% BS-VI at Gujarat Refinery
Project for production of 100% BS-VI complaint Motor Spirit and High-Speed Diesel under BS-VI project at Gujarat Refinery at an estimated cost of Rs.3380 crore. The project would enable supply of BS-VI products in line with the government guidelines for clearner BS-VI grade fuel in the country with effect from 1st April 2020.
5. Acquisition of minority stake (4%) in the LanzaTech New Zealand Limited
The Board has approved the acquisition of minority stake (4%) in the LanzaTech New Zealand Limited amounting to US$ 20 million through its wholly owned subsidiary in Singapore, IOCL Singapore Pte Ltd. LanzaTech, a company registered in New Zealand, is the global leader in bio-based gas fermentation technology and the company provides novel and economic technologies for production of ethanol and other high value chemicals from industrial off-gases of steel mills, petroleum refineries etc.