Indian Oil invest Rs 3400 cr in Assam augment operations
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Indian Oil to invest Rs 3400 cr in Assam to augment operations

11:08 AM, 5th February 2018
Indian Oil to invest Rs 3400 cr in Assam to augment operations
India Oil logo at an outlet in India. (File photo)

GUWAHATI, INDIA: Indian Oil Corporation (IOC) will invest Rs 3,400 crore in Assam over the next five years to expand its operations by setting up new units as well as upgrading the existing ones, a senior IOC official said.

The company will sign a memorandum of understanding (MoU) with the Assam Government to this effect at the two-day ‘Advantage Assam - Global Investors Summit 2018’, the official said.

“We are signing a MoU with the state government that will empower us to invest Rs 3,400 crore in Assam over the next five years. This will be for various projects across the state,” Indian Oil Corporation, executive director (IndianOil-AOD), Dipankar Ray told PTI at the Summit.

The company’s board has already approved the funding and it may increase in future depending upon the progress of the work, he said.

“The major chunk of this will go for expansion of our refinery capacities. We are going to add new units and also upgrade the existing ones to improve the fuel quality and BS-VI compliant fuel will be required as per norms,” Ray said.

The company will also enhance the capacities of its LPG bottling plants at North Guwahati, Silchar and Mirza, he added.

“The petroleum storage capacities are also being enhanced at various places like Barak valley and Digboi. In Barak valley, we are setting up a new depot, which will be well-connected by rail network and will have provision for pipeline connectivity as well,” Ray informed.

Besides, IOC’s existing depots at Betkuchi in Guwahati, Lumding and Missamari will see capacity expansion under this project, he added.

“Some projects under this MoU have already started, while some will begin soon. These projects will also help create jobs, mostly in contract through indirect route,” Ray said.

© PTI 

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