ALSO READOil E&P stocks gain as crude oil prices regain strength Oil E&P stocks gain after spurt in crude oil prices India's crude oil refinery output rises 5.3% in December 2016 India's crude oil refinery output declines 2.3% in February 2017 India's crude oil refinery output falls 0.6% in November 2016
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 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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