The tripartiate MoU was signed between Paradip Port Trust Chairman Rinkesh Roy, NRL's Director (Technical) B.J. Phukan and Indian Oil Corp's Executive Director (Pipelines) A.K. Tiwari in the presence of Union Shipping Minister Nitin Gadkari and Petroleum Minister Dharmendra Pradhan, it said.
"Under this MoU, a Crude Oil Terminal will be established at Paradip with an est investment of Rs 1000Cr & will generate employment in Odisha," tweeted Pradhan.
Under NRL's proposed refinery expansion project, a 28-inch diameter, 1,400-km crude oil pipeline of one mtpa capacity will be laid for transporting six mtpa of imported crude oil from Paradip to Numaligarh.
The MoU provides for utilising IOCL's spare capacity of existing SPMs (Single Point Mooring) at Paradip. Paradip Port Trust will extend land space for installation of crude storage tanks, pump house and township at Paradip.
This will lead to an estimated investment of Rs. 1,000 crore in Odisha and generate direct and indirect employment, said the statement.
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