Indian Oil Corporation to Invest Rs.54,000 Crore for Projects in Tamil Nadu
The Indian Oil Corporation Limited (IOCL), Chennai, has committed to investing Rs 54,000 crore in various projects in Tamil Nadu over the next few years, including a 9 MMTPA (million metric tonnes per annum) grass-root refinery at a cost of Rs 35,580 crore, according to V C Asokan, executive director and state head (TN & Puducherry).
This new refinery, which will be built on around 1,300 acres of land in Nagapattinam, will manufacture BS-VI standards petrol and diesel, as well as polypropylene.
Apart from the world's second-largest integrated lubes complex at Ammullaivoyal village for Rs 1,398 crore, the IOCL plans to lay product pipelines (Rs 2,600 crore), gas pipelines including LPG (Rs 2,225 crore), CGD projects (Rs 7,570 crore), open new retail outlets and launch a modernisation programme (Rs 2,500 crore), build a captive POL/LPG jetty at Kamrajar port (Rs 921 crore)
"Tamil Nadu is an important market for Indian Oil, and we are constantly investing in the state to improve infrastructure, product offerings, and services," Asokan told reporters.
Indian Oil, he said, would establish 6 LNG dispensing stations in Tamil Nadu.
One station is now operational in Sriperumbudur, and others will open in Ponneri, Othakdai, Namakkal, Coimbatore, and Koneripalli.
The country's largest fuel refiner and marketer has begun mixing bio-diesel with diesel at the Sankari terminal and will shortly begin in Asanur, followed by Coimbatore. "We will begin in other locations gradually," Asokan explained.
In response to a query, he stated that substantial research is being conducted to use hydrogen as an alternative fuel because it is pollution-free.
"However, the price of green hydrogen produced by water electrolysis must be economically viable for consumers," he noted.