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Indian Oil Corporation to invest over Rs 37,000 crore in Tamil Nadu
Energy major Indian Oil Corporation (IOC) will be investing about Rs 7,112 crore in infrastructure facilities in Tamil Nadu over the next three years, said a senior official.
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Chennai
At the IOC group level - IOC and group company Chennai Petroleum Corporation Ltd - will be investing about Rs 37,112 cr in TN. “The investments will be in pipeline expansion, construction of captive jetty, additional facilities for petrol and diesel handling, POL (petroleum, oils and lubricants) terminals at an outlay of Rs,7,112 crore in the next three years,” said R Sitharthan, ED - TN and Puducherry.
Group company Chennai Petroleum will be expanding its refinery capacity at Narimanam to nine million ton per annum at an outlay of about Rs 30,000 crore. It will also be investing in the city gas distribution network in Coimbatore and Salem where it has won the distribution bids recently, Sitharthan said. Pipelines are being laid down at various places to carry the gas from the Ennore LNG terminal to industries and also to carry other petroleum products. On the other hand, IOC’s JV for the Rs 5,151 crore five million ton per annum (tpa) LNG terminal at Ennore is expected to be ready by December this year.
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