Indian Oil Corp to invest over `37,000 crore in TN Govt asks states to start auction of mining leases by July next year

CHENNAI: 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.

At the IOC group level — IOC and group company Chennai Petroleum Corporation Ltd — will be investing about Rs 37,112 crore in Tamil Nadu.

"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," R. Sitharthan, Executive Director - Tamil Nadu and Puducherry, told IANS.

He said, 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.

These apart, the company will be investing in the city gas distribution network in Coimbatore and Salem where it has won the distribution bids recently, Sitharthan said.

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 carry other petroleum products.

On the other hand, IOC'S joint venture for the five million ton per annum (tpa) liquified natural gas (LNG) terminal at Ennore has an investment of Rs 5,151 crore and is expected to be ready by December this year. NEW DELHI: The Centre has asked all states to begin the auction of mining leases expiring in the next two years by July 2019 to avert any shortage of minerals.

In a meeting of coordination-cum-empowered committee (CCEC) of 21 mineral-rich states held last month, the Mines Ministry asserted that "all states must start auction of mining leases expiring in 2020 by July 2019 to avoid any shortage of minerals and ensure seamless transition of mines from existing leaseholder to the new leaseholder to whom lease will be granted through auction," according to the minutes of the meeting.

The Mines Ministry was also of view that exploration for all mining leases expiring in 2020 must be completed by December and in case any help is needed, Mineral Exploration Corporation Ltd (MECL) and Geological Survey of India (GSI) should be approached, the minutes said.

A total of 348 non-captive mining leases will expire on March 31, 2020.