IOCL to invest Rs 8.4 billion to set up plant, raise storage capacity

Indian Oil Corporation Limited (IOCL) plans to invest around Rs 8.4 billion in expanding its petroleum, oil and lubricant (POL) storage capacity to 5.53 million tonnes per annum (mtpa) by 2030, up from the existing capacity of 3.16 mtpa. IOCL has planned two major projects in the POL segment. The company intends to set up a greenfield depot at Sekerkote, Tripura. This project will be commissioned in 2024 at a planned capital expenditure of Rs 5.4 billion. The second project involves the expansion of the Betkuchi POL depot in Guwahati, Assam, at an estimated outlay of Rs 3 billion. The expansion of the Betkuchi POL project will increase its storage intake to 54,000 kl from 25,000 kl at present.

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