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Gujarat to get Rs 492 cr investment from IOC in FY 2019-20

The investment mainly focuses on the augmentation of Kandla terminal.

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IOC’s Subodh Dakwale, ED-Corp Comm & SS Lamba, ED for Gujarat
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With an idea of expanding the retail network, Indian Oil Corporation (IOC) will invest Rs 492 crore in Gujarat in the financial year 2019-20, said a top company official on Tuesday during media press brief.

The investment mainly focuses on the augmentation of Kandla terminal.

The oil marketing company (OMC) also reiterated that it is fully prepared to meet the requirement of Bharat Stage – VI (BS-VI) petrol norms.

Talking to media persons, Subodh Dakwale, Executive Director of IOC said that Gujarat is a major hub for the company in terms of refining capacity, pipeline network, import of petroleum products and its large coastline is used to cater to the petroleum demand of the northern states.

Meanwhile, S S Lamba, Executive Director, Gujarat for IOC said that keeping in mind the future requirements, the company will invest Rs 492 crore in the state this fiscal.

"The new investments include capacity augmentation of Kandla import terminal from 0.6 to 2.5 MMTPA (million metric tones per annum) and adding additional storage facilities at various terminals, including providing 15 days cover for ethanol as well as adding another 200 retail outlets (fuel stations)," Lamba added.

With over 1,350 retail outlets (ROs) in Gujarat, IOC has a market presence of 31.9% on an industry basis. It has 154 CNG outlets in the state with about 28.5 % share and has plans to add another 50 this year. Of these nine have already been commissioned.

With regard to company's preparedness to provide fuel as per upcoming BS-VI fuel emission norms, officials said that the facilities at Gujarat Refinery in Vadodara are will be upgraded suitably by end of December 2019. "The roll-out of BS-VI fuel is being carried out in a phased manner. As of now it is supplied in National Capital Region (NCR)," said Dakwale.

Lamba informed that a Joint Venture has been formed for Kandla – Gorakhpur LPG pipeline and it's first meeting was held recently. The groundwork of this JV is expected to start in about 10 months, while the project has a timeline of 36 months.

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