IOC to invest INR 8.4 billion in petroleum storage

Indian Oil Corporation (IOC) is to invest INR 8.4 billion (€101.68 million) in two major projects to expand storage facilities for petroleum, oil and lubricants in the northeast of India.

India’s Economic Times, quoting news agency the Press Trust of India (PTI), reports that the projects are part of works to increase IOC’s total storage capacity from 3.16 million tpa to 5.53 million tpa.

In the first of the new projects, IOC will invest INR 5.4 billion to set up a greenfield oil depot at Sekerkote in Tripura. Land clearing works have already begun and construction is expected to begin soon. It is expected to be completed by 2024, according to IOC executive director G Ramesh.

In the second project, ICO will expand its Betkuchi depot in Guwahati. The company has bough 10.67 acres of land for the expansion and will increase the storage capacity from 25 million L to 54 million L, as well as installing new fire water tanks and other facilities.

Ramesh added that IOC has already completed construction of a greenfield petroleum oil and lubricants facility at Moinarbond near Silchar in Assam, which is expected to be commission in the next few months. Railway tracks are being installed for the bulk movement of fuel.

(Source: Tank Storage Magazine)

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