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Outcome of board meeting of Indian Oil Corporation

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Held on 03 August 2017

Indian Corporation announced that the Board of Directors of the Company at its meeting held on 03 August 2017 has accorded the approval for the following -

(1) First stage approval for expansion of the Corporation's Gujarat Refinery from the existing 13.7 to 18 Million Metric Tonnes Per Annum (MMTPA) of processing capacity at an estimated cost of Rs. 15,034 crore. The project to augment the Refinery's capacity by 4.3 MMTPA.

(2) First stage approval for installation of 2nd Catalytic De-waxing Unit at Haldia Refinery at an estimated cost of Rs.1126 crore. The unit would produce Grade-II & III Lube base stock.

(3) First stage approval for installation of Ethanol Plant using Gas Fermentation Technology of M/s. LanzaTech USA at Panipat Refinery at an estimated cost of Rs.441 crore.

(4) Acquisition upto 50% equity in GSPL LNG, which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat. GSPL LNG is a joint venture of Gujarat State Petroleum Corporation and Adani Enterprises. The approval is subject to due diligence which would be carried out in due course.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 12:28 IST