IVRCL to develop terminal at IOC's Paradip refinery

IVRCL Infrastructure today said it will develop a crude/product terminal at Paradip Refinery for state-run Indian Oil Corporation in partnership with two other firms.

The company would be the joint venture partner in special purpose vehicle IOT Utkal Energy Services, which has been set up for the implementation of this project, IVRCL Infra said in a filing to the Bombay Stock Exchange.

A consortium comprising IOT Infrastructure & Energy Services (IOT) and Germany-based Oiltanking GmbH (OT) has been awarded the concession for development of crude/product tankages facilities at Paradip Refinery Project.

IOT/OT would hold 62.5 per cent stake in IOT Utkal Energy Services and IVRCL would hold 37.5 per cent stake through its subsidiary.

The project involves installation, operation and maintenance of 1.4 million kilolitres of crude oil, petroleum products and LPG at Paradip Refinery Project in Orissa, which is expected to go onstream during 2012.

The project would be developed on build, own, operate and transfer basis, the filing said. The concession period would be 15 years after commissioning and the total project cost is estimated at around Rs 3,000 crore.

Engineering, procurement and construction services would be provided by IOT and IVRCL, while operations and maintenance would be undertaken by IOT.