IOC resumes work on projects worth Rs 1.04 lakh crore

20 July 2020

Indian Oil Corporation Limited has resumed work on projects worth Rs 1.04 lakh crore across the country, after the easing of lockdown from April 20. 

“Indian Oil has commenced works on 336 projects that have an investment of more than Rs 1 crore in each project, at an anticipated project cost totalling to Rs 1.04 lakh crore. The amount spent on these ongoing projects is about Rs 1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since July 1, 2020,” a company statement said.

The company has targeted a capital expenditure of Rs 26,143 crore in FY21, and in the first quarter achieved an approximate expenditure of Rs 2,674 crore, overcoming various issues on the ground due to the Covid-19 pandemic, the statement said.

Major pipeline projects where works have resumed include the Rs 3,338-crore Paradip-Hyderabad products pipeline. Work on the Rs 3,028-crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and the Rs 6,025-crore Ennore-Tiruvallur-Bengaluru-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline has also resumed.

Some of the Refinery Projects underway are the Barauni Refinery expansion including the petrochemical plant (Rs 14,810 crore), the ethylene glycol project at the Paradip Refinery (Rs 5,654 crore), fuel quality up-gradation project at Paradip (Rs 3,361 crore) and Barauni (Rs 1,774 crore) and the NCU expansion and revamp of MEG & BEU unit at Panipat (Rs 16,36 crore).