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India Oil board gives nod to Rs 15,034 crore capex plan

The board of Indian Oil Limited in its meeting held on 3rd August has accorded approval for first stage expansion of company’s Gujarat Refinery from the existing 13.17 Million Metric Tonnes Per Annum (MMTPA) of crude oil processing capacity at an estimated capital expenditure (capex) cost of Rs 15,034 crore. The project to augment the refinery’s capacity by 4.3 MMTPA and will help meet the growing demand for products in the region.

 The first stage approval is for installation of 2nd catalytic de-waxing unit at Haldia refinery at an estimated cost of Rs 1126 crore. The unit would produce grade-II & III lube oil base stock. The nod further includes first stage approval for installation of ethanol plant using gas fermentation technology of M/s LanzaTech USA at Panipat Refinery at an estimated cost of Rs 441 crore. The technology would help in reduction of refinery carbon emissions and convert them into value added products. This project has potential of greenhouse gas reduction required to limit global climate change.

 The board has further Okayed acquisition of upto 50% equity in GSPL LNG Ltd., which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat. GSPL LNG Ltd is a joint venture of Gujarat State Petroleum Corporation (GSPC, a govt of Gujarat undertaking) and Adani Enterprises Ltd (AEL). The approval is subject to due diligence which would be carried out in due course.

 


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