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Indian Oil wti crude oil march Plans To construct Rs30,000 Crore Refinery At Mundra

New Delhi: State-owned Indian Oil Corp (IOC) is mulling organising a Rs30,000 crore refinery at Mundra in Gujarat as part of a plan to extend its processing capability to 100 million tonnes.

Bending machineIOC has seven refineries with a complete capability of fifty four.2 million tonnes and subsidiary Chennai Petroleum Corp operates a eleven.5 million tonne plant. A coastal refinery would enable IOC to ship in bigger quantities of heavier grades of crude oil, which are cheaper because they’re harder to process into fuels.

“We need to set up a coastal refinery on the west coast. We have been trying to find land for a 15 million ton a yr refinery and now have two sites — the Mundra port of the Adanis and one other minor port in Maharashtra,” a senior IOC official said.

The Adani Group has land at Mundra which IOC can take over for the refinery, he said, adding that in Maharashtra, the land must be acquired. The corporate has been supplied land by Adani Group at Mundra, he said.

IOC has a 13.7 million tonne refinery at Koyali in Gujarat and doesn’t have a presence in Maharashtra. All of its refineries are landlocked. Its first coastal refinery at Paradip in Odisha will come up later this year.

“We have commissioned Engineers India Ltd to do a configuration and location study for the west coast refinery,” he said, adding the plant is scheduled to come back up by 2021-22. He stated IOC has plans to lift its refining capacity to 100 million tonnes by 2021-22.

The Koyali refinery capability will be increased to 18 million tonnes at a value of Rs4,858 crore, whereas the Mathura plant could also be expanded to 11 million tonnes from eight million tonnes.

Additionally, an enlargement of the Panipat plant to 18 or 21 million tonnes from 15 million tonnes is being thought of. The underneath-building 15 million ton Paradip refinery in Odisha can be expanded to 20 million tonnes in future.

“Paradip refinery will probably be fully commissioned by 12 months finish,” he added.
IOC plans to speculate Rs56,200 crore in the twelfth Five Year Plan period ending 31 March 2017, he said, adding that Rs27,159 crore is being set aside to broaden refining capability.

Betting large on petrochemicals, the corporate plans to arrange a polypropylene unit at Paradip at a cost of Rs3,one hundred fifty crore whereas building comparable models at Gujarat and Panipat. The Paradip refinery, he stated, is nearing mechanical completion and the petrochemical undertaking will thereafter take 36-39 months to complete.