IOC’S projects worth ~1 trn back on track
After initial hiccups owing to the lockdown, state-run Indian Oil Corporation (IOC) has resumed work on many of its projects at an anticipated cost of around ~1 trillion.
“Since easing of the lockdown on April 20, Indianoil has commenced works on 336 projects that have an investment of more than ~1 crore in each project, at an anticipated project cost totalling ~1.04 trillion,” the company said in a statement on Wednesday.
The amount spent on these ongoing projects was about ~1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since July first week. The company has lined up a capital expenditure of ~26,143 crore during financial year 2020-21. Overcoming various issues faced on ground due to the coronavirus (Covid19) pandemic in the first quarter, IOC achieved capital expenditure of ~2,674 crore. These mega projects would boost the economy, ensure smooth supply of petroleum products across the nation and also provide the much-needed relief to people looking to get back to work after the lockdown, the statement said.
The man-days of work generated in these projects during the April 20 to June 30 period was about 1.33 million and the expenditure incurred on this account was about ~276 crore. “Indianoil’s capex plans depend on long-term demand potential in the country. These projects are crucial from the perspective of addressing the future energy demands as well as employment generation while kickstarting the economy with a focus on ‘Atmanirbhar Bharat’,” it added.
Major pipeline projects where works have resumed include the ~3,338 crore ParadipHyderabad products pipeline, which traverses 1,212 kms through Odisha, Andhra Pradesh and Telangana; the ~3,028 crore augmentation of Paradip-haldiaDurgapur liquefied petroleum gas pipeline and its extension to Patna and Muzaffarpur, which traverses 678 kms through Odisha, Jharkhand, West Bengal and Bihar. Work on the ~6,025 crore Ennore-tiru va ll ur-ban galorePondi cherry-nag a pattinamMadurai-tutic or in R-LNG pipeline, which covers 1,170 kms through Tamil Nadu, Andhra Pradesh, Puducherry and Karnataka, also started during this period.
Works have also commenced at marketing infrastructure projects like LPG import facilities at Kochi (~714.25 crore), LPG import facilities at Paradip (~690 crore), capacity augmentation of Kandla Import Terminal from 0.6 TO 2.5 million metric tonne per annum (~730.2 crore), construction of a petroleum, oils and lubricants (POL) terminal at Motihari (~522 crore) and pipeline tap of point terminal at Hyderabad (~611 crore).