Indian Oil Corporation (IOC) has received approval for investment proposals. The first investment proposal is for City Gas Distribution projects in 7 Geographical Areas won by IndianOil in 9th Round CGD Bidding. The estimated total capital investment is of Rs 5463 crore on implementation of the CGD projects. The investment in CGD business will help the company to expand and consolidate its gas business.
Second investment proposal is for production of Ethanol from PSA off Gas based on LanzaTech Gas Fermentation Technology at Panipat Refinery using Gas Fermentation Technology of LanzaTech USA at an estimated cost of Rs 520 crore. The third investment approval is for laying of Paradip- Somnathpur- Haldia Pipeline (PSHPL) at an estimated cost of Rs 1332 crore. The Board of the company at its meeting held on October 10, 2018, approved that same.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.