: IndianOil to invest Rs 9,028 cr for new crude oil pipeline system #finance #StockMarketNEWS #Business New Delhi: IndianOil Corporation will invest Rs 9,028 crore for setting up of a new crude oil

Posted in: #finance #StockMarketNEWS #Business

IndianOil to invest Rs 9,028 cr for new crude oil pipeline system #finance #StockMarketNEWS #Business
New Delhi: IndianOil Corporation will invest Rs 9,028 crore for setting up of a new crude oil pipeline system, with a capacity of 17.5 MMTPA, from Mundra (Gujarat) to Panipat (Haryana).

Under this project, IndianOil would also build nine crude oil tanks of 60,000 KL each at Mundra, which, apart from meeting operational requirements, would also help in enhancing crude oil storage capacity in the country.

“The total estimated cost of the project is Rs 9,028 crore. The IndianOil Board, at its meeting held on December 20, 2021, has approved the investment proposal,�? IndianOil said.

“IndianOil is implementing a project for capacity expansion of Panipat refinery from 15 MMTPA to 25 MMTPA along with the installation of Polypropylene Unit and Catalytic Dewaxing Unit with targeted completion in 2nd quarter of FY 2024-25.�?

As per the company, the new pipeline system and crude oil tank storage would help in meeting the enhanced need of crude oil requirement due to the expansion of the Panipat refinery.

“The crude oil pipeline project is expected to be completed in synchronisation with the commissioning of Panipat refinery expansion.�?

At present, IndianOil operates a network of more than 15,000 km long crude oil, petroleum product and gas pipelines in the country. It has added 337 km of additional pipeline length during the year 2020-21.
The post IndianOil to invest Rs 9,028 cr for new crude oil pipeline system appeared first on The Navhind Times.