IOC to invest over Rs 2,600 cr to set up northeast units

GUWAHATI: Indian Oil Corporation has firmed up plans to pump in over Rs 2,600 crore in setting up several greenfield units and expanding its facilities across the northeast over the next few years, a senior company official said.

The board of IOC has already approved various new projects, while some are in the process of getting the nod, with the leading energy firm in talks with the local governments in Meghalaya, Mizoram and Manipur to finalise land parcels for the greenfield units.

“Northeast is one of the most important regions for Indian Oil and much focus is given here by the top management. We have planned to augment our operations by enhancing refining as well as petroleum, oil and lubricant (POL) storage capacities,” IOC Executive Director (Indian Oil-AOD) Ganesan Ramesh told PTI in an interview.

The company is at present carrying out nearly a dozen projects, both greenfield and brownfield, across the region, entailing a total investment of Rs 2,612 crore, he said. “We have a major project coming up in the POL segment — a greenfield depot at Sekerkote in Tripura at an investment of Rs 656 crore,” Ramesh said. Another project, for which the board has given its nod, is the expansion of the Betkuchi POL depot in Guwahati at a cost of Rs 277 crore.

IOC plans to increase the storage intake to 54,000 kilolitres from the existing 25,000 KL, install new fire water tanks and other facilities. It has already acquired an additional 10.67 acres of land to expand the Betkuchi plant.

“IndianOil has plans for capacity expansion of its refineries at Guwahati and Digboi with project costs of Rs 412 crore and Rs 768 crore, respectively. Expansion of the Bongaigaon refinery is also envisaged under the North East Hydrocarbon Vision 2030, and currently land acquisition process is under progress,” the official said.