ALSO READGlobal Investors' Summit: Assam gets Rs 651.86 billion investment State-owned OMCs' fortunes take a turn PM Modi in Guwahati to inaugurate Assam's first Global Investors' Summit HOEC expects production to go up to 25,000 barrels oil equivalent in 5 yrs Ratan Tata to Mukesh Ambani: Top biz heads to attend Assam investors summit
Indian Oil Corporation will invest Rs 34 billion in Assam over the next five years to expand its operations by setting up new units as well as upgrading the existing ones, a senior IOC official said on Saturday. The company will sign a Memorandum of Understanding (MoU) with the Assam Government to this effect at the two-day 'Advantage Assam - Global Investors Summit 2018', beginning here today, the official said. "We are signing an MoU with the state government that will empower us to invest Rs 34 billion in Assam over the next five years. This will be for various projects across the state," Indian Oil Corporation, Executive Director (IndianOil-AOD), Dipankar Ray told PTI at the Summit. The company's Board has already approved the funding and it may increase in future depending upon the progress of the work, he said. "The major chunk of this will go for expansion of our refinery capacities.
We are going to add new units and also upgrade the existing ones to improve the fuel quality and BS-VI compliant fuel will be required as per norms," Ray said. The company will also enhance the capacities of its LPG bottling plants at North Guwahati, Silchar and Mirza, he added. "The petroleum storage capacities are also being enhanced at various places like Barak valley and Digboi. In Barak valley, we are setting up a new depot, which will be well-connected by rail network and will have provision for pipeline connectivity as well," Ray informed. Besides, IOC's existing depots at Betkuchi in Guwahati, Lumding and Missamari will see capacity expansion under this project, he added. "Some projects under this MoU have already started, while some will begin soon. These projects will also help create jobs, mostly in contract through indirect route," Ray said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)