Indian Oil Corporation to invest Rs 560 crore in Telangana

The new terminal will have a storage capacity of 1,58,000 kilolitre. The greenfield project will take about three years for completion, said Subodh Dakwale, executive director.

By Author   |   Business Bureau   |   Published: 25th May 2018   1:43 am Updated: 25th May 2018   2:08 am
crude oil
Source: Internet

Hyderabad: Indian Oil Corporation will build a new oil and gas terminal at Malkapur near Chottuppal in Nalgonda district at a cost of Rs 500 crore. The new terminal will have a storage capacity of 1,58,000 kilolitre. The greenfield project will take about three years for completion, said Subodh Dakwale, executive director.

Disclosing these details on Thursday in Hyderabad, he said the company will also enhance the capacities at its LPG bottling units at Cherlapally and Timmapur. Both of these will see an investment of Rs 60 crore taking the cumulative investment in Telangana to Rs 560 crore. About 1,800 mt capacity will be added within a year, he said.

The company has already acquired about 67 acre in Nalgonda for the state-of-the-art new terminal. It is in the process of acquiring ten more acre, said, Rahul Bhardwaj, Executive Director for IOC’s Telangana and Andhra Pradesh State Office.

With 11 refineries, its current capacity is 80.07 million metric tonne per annum (mtpa), which is about 35 per cent of the total refining capacity the country has. It has a pan-India pipeline network of Rs 13,400 km. IOC has plans to nearly double its installed capacity to about 150 mpta by 2030.

IOC has 1,043 retail outlets, 328 LPG distributorships in Telangana. Supply to these is backed by Cherlapalli terminal and Ramagundam depot and LPG bottling plants at Cherlapalli and Thimmapur. IOC supplies Indane gas to close to one crore customers in the State, said Bhardwaj. More retail outlets as well as distributorships will be set up to keep pace with growth in demand, he said.

The company has contributed Rs 3,838 crore to the Telangana exchequer.
Bhardwaj said that the company is also setting up new terminals at Achytapuram in Visakhapatnam of Andhra Pradesh and one more at Guntakal. The works in AP will involve an investment of Rs 827 crore. It has acquired 60 acre and 82.7 acre respectively at these places, the official said. It will also augment Vijayawada and Vizag terminals. These apart, it will take up multiple works in AP.

The oil marketing company has already automated more than 8,000 retail outlets and will continue to bring more outlets every year. In all, it has about 27,000 plus outlets across the country. It is also taking up solarisation of the retail outlets as well as its plants to reduce the dependence on grid power.

The company has recently announced its financial results where it has declared a profit after tax of Rs 21,346 crore, up from Rs 19, 126 crore. Its revenues were Rs 5.64 lakh crore, up from Rs 4.45 lakh crore the previous year.

On the Paradip-Hyderabad Pipeline Project with capacity of 4.55 million metric tonnes per annum (mmtpa), he said land acquisition is happening at different places. It has set a target to commission the Paradip-Vizag-Vijayawada-Suryapet-Hyderabad line by 2020, he said.