The Indian Oil Corporation has identified several new projects worth Rs 28,000 crore for the Ninth Plan. A few projects worth Rs 8,000 crore are likely to be completed within the next two years.
According to the IOC's press communique, the corporation intends to complete projects worth Rs 5,000 crore in 1998-99. These include the Panipat refinery with allied facilities, diesel hydro-desulphurisation units at Haldia, Gujarat, Mathura and Panipat refinery, and the new coker at Digboi refinery.
By 2000 AD, three projects - Haldia-Barauni crude oil pipeline, matching secondary processing facilities at Mathura and expansion of Gujarat refinery by 3 million tonnes - will be completed.
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The new projects include expansion of Panipat refinery by 3 million tonne, Barauni refinery expansion to 6 million tonne, FCCU at Haldia refinery and augmentation of marketing facilities.
IOC in collaboration with Kuwait Petroleum Corporation is planning to set up a 9 million tonne per annum refinery at Paradip.
The corporation has also proposed a grass root refinery in the south.
"Realising the importance of adequate product availability and feeder movement in a deregulated scenario, Indian Oil is setting up feeder pipelines," the release adds.
IOC is also diversifying in exploration and production, petrochemicals, power generation and importing LNG. It has recently signed a memorandum of understanding with the international arm of ONGC, ONGC-Videsh for upstream activities overseas.
At home, however, IOC with ONGC will jointly operate D-I offshore Bombay High oil field whilst for North East operations it has selected the UK-based Premier Oil. Besides, IOC along with ONGC will promote coal bed methane gas at Jharla in Bihar. It has proposed production of linear alkyl benzene (LAB), PTA and paraxylene at Gujarat refinery.
IOC has decided to set up five power projects for commercial production.
It has already signed deals with Harayana State Electricity Board for negotiating power projects agreements for a 301 mw power plant. Other power projects include 500 mw at Savil (Gujarat), 110 mw at Kosi Kalan (Uttar Pradesh), 500 mw at Haldia and 110 mw at Bhatinda in collaboration with Punjab State Electricity Board.
Meanwhile, the corporation's six refineries - Guwahati, Barauni, Gujarat, Haldia, Mathura and Digboi, achieved over 100 per cent capacity utilisation and processed 27.5 million tonne of crude. This was despite lower crude supplies to Barauni refinery from oil fields in Assam.
The corporation sold 43.8 million tonne of petroleum product during fiscal 1997 compared to 41.97 million tonnes in the previous year. In finished lubricant sales, IOC achieved a growth of 6.3 per cent. In aviation fuel business, Indian Oil Corporation continued to be a leader with market share of 68.5 per cent. It earned Rs 465 crore were earned in foreign exchange through supply of ATF to international airlines.