Indian Oil Corporation has announced that it will invest roughly USD 111 million to extend its petroleum, oil, and lubricant (POL)storage capacities in the Northeast, including the construction of a greenfield facility.

G Ramesh, Executive Director of Indian Oil Corporation, stated that the company expects to boost its POL capacity to 5,530 TMTPA by the end of 2030, up from the present 3,160 TMTPA.

In the POL section, two important projects are coming up, the first being the construction of a new greenfield depot, in Tripura, which would cost roughly USD 71 million (INR 540 Cr) and is expected to be completed by 2024, Ramesh added.

According to the official, currently, the land clearance process is ongoing, with construction work to follow. The development of the POL depot in Betkuchi, Guwahati is another important project that will be undertaken further.

Ramesh also stated that the firm has set aside around USD 39 million (INR 298 Cr) to expand storage capacity to 54,000 KL from the current 25,000 KL, as well as to establish new fire water tanks and other amenities.

For those unaware, the corporation has already purchased 10.67 acres of land to expand the Betkuchi facility. The company has also finished the construction of a greenfield POL unit in Moinarbond, Assam, and is now aligning railway tracks to facilitate bulk fuel movement.

According to the official, IOC now operates 13 POL stores across the Northeast, with a total installed capacity of 3,160 TMTPA and capacity utilization of 2,428 TMTPA.

IOC has previously stated that it is embarking on a significant development effort in the Northeast to increase its LPG bottling fuel size by about 53% to eight crore cylinders yearly by 2030, to fulfill the increased demand for cooking fuel.

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https://www.business-standard.com/article/pti-stories/ioc-to-pump-in-rs-840cr-to-set-up-pol-plant-raise-storage-capacity-in-ne-122040300399_1.html