Tuesday, October 4, 2022

NRL completes project insurance for its ongoing refinery expansion project

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New Delhi: Numaligarh Refinery Ltd (NRL) has finalised the project insurance coverage for its ongoing 6 MMTPA integrated Refinery Expansion Project being implemented at an estimated cost of more than Rs 28,000 crore. According to NRL, this insurance policy provides comprehensive coverage to both the refinery expansion as well as the 1,640-Km cross-country pipeline from Paradip, Odisha, to Numaligarh, along with a Crude Oil Import Terminal at Paradip, Odisha. The ambit of the policy also includes the interests of various stakeholders such as contractors, sub-contractors, manufacturers, suppliers, vendors, lenders, consultants and other professionals involved in the project.

The policy will cover the entire project period up to April 2025, during which the project is expected to be completed and commissioned.

The signed policy handover ceremony with insurers led by The New India Assurance Company Limited was held in Mumbai on January 10. The policy documents were handed over to NRL's Director (Finance) Indranil Mittra by New India Assurance Co Ltd's General Manager Jitender Mehndiratta. The event was attended by senior officials from the lead insurer, The New India Assurance Co Ltd, and member co-insurers, representatives, consultants and other stakeholders.

Numaligarh Refinery Expansion Project is a prestigious and landmark project in the North Eastern Region to treble the oil marketing company's refining capacity from 3 MMTPA to 9 MMTPA and is being pursued as part of the Government's NE Hydrocarbon Vision 2030.

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