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16 Jul 2019, Edition - 1463, Tuesday

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Tamilnadu News

Oil major IOC to invest over Rs 37000 crore in Tamil Nadu

Covai Post Network

Chennai : Indian Oil Corporation will be investing over Rs 37000 crores over the next three years to ramp up its infrastructure facilities in the state.

The IOC group company Chennai Petroleum Corporation Ltd will invest Rs 37,112 crore, according to company sources.

Investments would 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.

IOC has plans also for investments in city gas distribution network in Coimbatore and Salem. In these two cities, the IOC has won bids to supply gas. At present 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.

The company is also stepping up activity to complete LNG terminal at Ennore, to be ready by December.

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