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IndianOil approves investment proposals

Posted On: 2018-10-11 12:25:58

The Board of IndianOil at its meeting held on 10th October 2018 has accorded approval for the following:

1. Investment approval for City Gas Distribution projects in 7 Geographical Areas won by IndianOil in gth Round CGD Bidding

IndianOil has won the Bidding for implementation of City Gas Distribution (CGD) for 7 Geographical Areas viz. Coimbatore District, Salem District, Bokaro District, Rewa District, Aurangabad District, Guna District and Jagtial District. The Board has approved the estimated total capital investment of Rs. 5463 Crore on implementation of the CGD projects. The investment in CGD business will help lndianOil to expand and consolidate its gas business.

2. Investment proposal for production of Ethanol from PSA off Gas based on LanzaTech Gas Fermentation Technology at Panipat Refinery

Installation of facilities for production of Ethanol from PSA Off Gas of Hydrogen Generation Unit (HGU) at Panipat Refinery using Gas Fermentation Technology of LanzaTech USA at an estimated cost of Rs. 520 crore.

The proposed Ethanol Plant is designed to produce 33.5 KTPA anhydrous Ethanol for use in automotive fuel conforming to BIS and will be suitable for blending with BS-VI MS. The project has potential of Greenhouse Gas reduction required to limit global climate change.

3. Proposal for Investment approval for Paradip- Somnathpur- Hafdia Product Pipeline

Laying of Paradip- Somnathpur- Haldia Pipeline (PSHPL) at an estimated cost of Rs. 1332 crore. The PSHPL would enable placement of products from Paradip Refinery, Odisha to Somnathpur, Odisha for meeting the local demand as well as to Haldia, West Bengal for onward movement through other pipelines.

Shares of INDIAN OIL CORPORATION LTD. was last trading in BSE at Rs.124.3 as compared to the previous close of Rs. 122.4. The total number of shares traded during the day was 822218 in over 6901 trades.

The stock hit an intraday high of Rs. 128.3 and intraday low of 122.2. The net turnover during the day was Rs. 102661599.


Source: Equity Bulls

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