IOCL acquires 4.93 per cent equity stake in Indian Gas Exchange

IOCL acquired a 4.93 per cent stake in the India Gas Exchange (IGX) for Rs 37 million. IOCL joins the likes of oil and gas explorer ONGC, GAIL, Torrent Gas Private Limited and Adani Total Gas Li­mited, which have already acquired 5 per cent equity each in the IGX. In another deve­lopme­nt, IOCL plans to invest over Rs 90 billion in laying a new cru­de oil pipeline of approximately 1,200 km from Mundra, Gujarat, to Pa­nipat, Haryana. The pipeline will have a nameplate capacity of around 17.5 mtpa and will transport imported crude from the coast of Gujarat to IOCL’s refinery in Panipat. This project also envisages the construction of nine cru­de oil tanks with an aggregate capacity of 540,000 kilolitres.