New Delhi: Since the easing of lockdown restrictions, Indian Oil Corporation (IOC) has resumed work at 336 projects that entail a total investment of Rs 1.04 lakh crore. Each project has an investment of more than Rs 1 crore, said Indian Oil in an official statement on Wednesday. Till the end of June, the total amount spent by the oil major on these 336 projects was Rs 1,764 crore. Indian Oil has targeted a capex of Rs 26,143 crore during FY 2020-21 and in the first quarter, achieved an approximate expenditure of Rs 2,674 crore, overcoming various issues faced on the ground due to the Coronavirus pandemic.
From July 1, work on 50 additional projects have also resumed, taking the total number of projects under implementation to 386, said the statement. Indian Oil started resuming work across its various project sites from April 20, when lockdown restrictions were eased partially.
"These mega projects would not only boost the economy, but will ensure smooth supply of petroleum products across the nation and also provide much-needed relief to people looking to get back to work after the lockdown. The man-days of work, generated in these projects during the period April 20 to June 30 is about 13.3 lakh and the expenditure incurred on this account is about Rs 276 crore," said the statement.
"Gearing up to ramp up activities, Indian Oil is taking all necessary precautions to ensure that its entire workforce is aligned to the 'New Normal' and detailed advisories issued from time to time for the safety and health of the employees and workers during these COVID times are being strictly followed," it added.
Major pipeline projects where works have resumed include the Rs 3,338-crore Paradip-Hyderabad products pipeline, which traverses 1,212-km through Odisha, Andhra Pradesh and Telangana; the Rs 3,028-crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and its extension to Patna and Muzaffarpur, which extends across 678 km through Odisha, Jharkhand, West Bengal and Bihar; the Rs 6,025-crore Ennore-Tiruvallur-Bangalore-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline, which travels 1,170 km through Tamil Nadu, Andhra Pradesh, Puducherry and Karnataka.
Work has also commenced at major marketing infrastructure projects like LPG import facilities at Kochi (Rs 714.25 crore), LPG import facilities at Paradip (Rs 690 crore), Capacity Augmentation of Kandla Import Terminal from 0.6 TO 2.5 MMTPA (Rs 730.2 crore), Construction of POL Terminal at Motihari (Rs 522 crore) and Pipeline Tap of point (TOP) terminal at Hyderabad (Rs 611 crore).
Barauni Refinery expansion, including the Petrochemical plant (Rs 14,810 crore), Ethylene Glycol project at Paradip Refinery (Rs 5,654 crore), Fuel Quality Upgradation Project at Paradip (Rs 3,361 crore) and at Barauni (Rs 1,774 crore) and NCU expansion and revamp of MEG and BEU unit at Panipat (Rs 1,636 crore) are some of the refinery projects underway.
Indian Oil's capex plans depend on long-term demand potential in the country. These projects are crucial from the perspective of addressing future energy demands, as well as employment generation, while kickstarting the economy with a focus on 'Aatmanirbhar Bharat.'
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)