State-owned Indian Oil Corporation Limited (IOCL) is reportedly investing Rs148bn ($1.02bn) in expanding the capacity of its Barauni refinery in the Indian state of Bihar.
This expansion is part of more than 2,800 projects being executed under the ‘Aatmanirbhar Bharat’ campaign of the country.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The latest move is part of efforts to boost domestic manufacturing and create jobs, reported India’s PTI.
The news agency quoted IOC as stating: “IOC is currently executing 2,814 projects with a cumulative investment of Rs2,051bn ($28bn).
“The projects will generate a total of 21.7 million man-days of employment in fiscal 2020-21.”
A total amount of Rs8.1bn was paid until 15 August for the workers engaged in various projects that are currently underway.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIOC added: “Reiterating its focus on ‘Aatmanirbhar Bharat’ (self-reliant India), IOC has ramped up activities across all its project sites while strictly following the Covid-19 health advisories. These mega projects will ensure the nation’s energy security as the Indian economy prepares to bounce back.
“To meet the future energy demands needed to boost the Indian economy, IOC is augmenting the capacity of its Barauni refinery from six million tonnes per annum to nine million tonnes at an estimated cost of Rs1.48tn.”
In February this year, IOC signed a contract with Russian energy firm Rosneft to import two million tonnes (Mt) of oil. The oil will be supplied via the port of Novorossiysk by the end of this year.
In March 2019, IOC commissioned the Rs51.5bn ($734.82m) Ennore LNG import and regasification terminal at Kamarajar Port, Ennore, in the southern state of Tamil Nadu.
In July 2018, five Indian state-owned oil and gas companies signed a joint venture (JV) agreement for the execution of the Rs60bn ($871.87m) North-East Natural Gas Pipeline Grid project in the northeastern part of the country.
