Indian Oil Corporation has lined up INR 2,200 crore as investment in Tamil Nadu for the next 2 years, as an initiative towards taking up major foundation and expansion projects in the state. The investment focuses on the LPG bottling plant near Kinathukadavu on the outskirts about its LPG storage and distribution infrastructure. It includes various projects like ‘grass-roots terminal’ at Asanur and Vallur, ‘captive petroleum’ project, oil and lubricant-LPG jetty at Kamarajar port among others. Indian Oil-Phinergy joint venture is also due to be ready in the next six months.
India’s leading integrated oil company, Indian Oil Corporation is prepared to invest over INR 2,200 crore in Tamil Nadu in the next 2 years, as an initiative towards taking up major foundation and expansion projects in the state. Mr. VC Asokan, Indian Oil Corporation Limited’s executive director and Tamil Nadu state head expresses that the projects consist of ‘grass-roots terminal’ at Asanur and Vallur, ‘captive petroleum’ project, oil and lubricant-LPG jetty at Kamarajar port among others. The company also plans to take up the task of setting up the integrated Lube complex at Ammulaivoyyal village on the outskirts of Chennai, apart from the ongoing projects in the Ennore-Thiruvallur sector, Bengaluru-Puducherry-Nagapattinam-Madurai-Turicorin gas pipeline and augmentation of Chennai-Tiruchirappali-Madurai pipeline projects.
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Indian Oil’s joint venture with Israel technology company Phinergy to manufacture and commercialize aluminum-air technology as an alternative of Lithium battery would be ready in another six months and they recently signed a tripartite agreement, he said. The company has achieved 10 per cent ethanol blending with petrol in Tamil Nadu and Puducherry and was working towards increasing it to 20 per cent in line with the Centre’s mandate.