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Indian Oil Corporation to Invest INR 24, 000 Crore in Gujarat Refinery

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Indian oil to invest Rs 24,000 crore in six projects

Indian Oil Corporation Ltd (IOCL) has signed an Memorandum of Understanding (MoU) with Gujarat Government to invest around INR 24, 000 Crore in 6 projects at its Gujarat Refinery in Koyali, Vadodara district, Gujarat.

  • The 6 projects include India’s 1st Hydrogen dispensing station.
  • The projects will expand the capacity of Gujarat Refinery to 18 Million Metric Tonne Per Annum (MMTPA) from 13.7 MMTPA and provide 25,000 direct and indirect jobs.
  • The MoU was signed in the presence of Union Minister for Petroleum and Natural Gas Dharmendra Pradhan and Gujarat Chief Minister Vijay Rupani.

Other Components of the MoU are

i.Setting up of a Petrochemical and LuPech Project ,and Acrylics/Oxo Alcohol Project

Petrochemical and Lube Integration (LuPech) Project and Acrylics/Oxo Alcohol Project had been set up at the Gujarat Refinery during a ceremony ‘Investment Promotion’ between Indian Oil and Government of Gujarat.

  • The LuPech project will produce to replace the import substitutes like Lube Oil Base Stock (LOBS) and Polypropylene.
  • The Acrylics/Oxo Alcohol Project at Dumad and Gujarat Refinery will manufacture value-added Butyl Acrylate, which is a key ingredient for paints, coatings, adhesives, textile chemicals, plasticizer industry, and other products.
  • These projects will strengthen IOCL’s readiness for entering into petrochemical projects like PVC, Styrene, Acrylonitrile, Poly-Methyl Methacrylate and Ethylene Oxide.
  • The Petrochemicals & Specialty products (Gr-II/III LOBS) integration index based on additional crude oil added under the project is estimated to be 20.7%.

ii.Setting up of Infrastructure facilities at Gujarat

MoU also signed to setting up of multiple infrastructures at

  • Dumad for Koyali-Ahmednagar-Solapur Pipeline (KAhSPL) and Tank Truck Loading facility for Linear Alkyl Benzene (LAB) – a feed-stock for detergent industries.
  • A New Flare System will also be set up at Gujarat Refinery.
  • Setting up of an oxygen plant is also part of the expansion plans of the Gujarat Refinery.

iii.Setting up of India’s 1st Hydrogen Dispensing Facility-

  • This Hydrogen Dispensing Facility is for Fuel Cell Electric Vehicles (FCEV). It aims to fuel Hydrogen 75 buses of GSRTC (Gujarat State Road Transport Corporation) running between Vadodara and Kevadia/Sabarmati Ashram.

India & Energy

India is the 3rd Biggest Consumer of energy (behind China & USA), and is set to become the world’s biggest consumer of energy by 2030.

  • Natural Gas or clean fuel consumption accounts for 6% of India’s energy basket, while the global average is between 23-24%.
  • Gujarat’s average (for natural gas consumption) stands at 26% which is 2% above the global average.

Recent Related News:

On December 29, 2020, Indian  Oil Corporation Limited (IOCL) launched India’s 1st Remote Monitoring & Operation Centre for Tracking of Refinery Gas Turbines across all its refineries in Hyderabad, Telangana.

About Indian Oil Corporation Ltd (IOCL)

Chairman – Shrikant Madhav Vaidya
Headquarters – New Delhi

About Gujarat

Chief Minister – Vijay Kumar Rupani
Capital – Gandhinagar
Governor – Acharya Devvrat