IOC to invest Rs 2,000 crore in pipeline

Bhuj, Apr 7: Indian Oil Corporation (IOC) would invest over Rs 2,000 crore during the eleventh plan period in pipeline projects and also diversify into gas pipelines, both liquefied natural gas and liquefied petroleum gas, so as to exploit new opportunities for organic growth in business.

This was announced by IOC Chairman Sarthak Behuria yesterday while, inaugurating the Mundra-Panipat Crude Oil pipeline at Mundra near here.

He said, ''by setting up new pipeline networks and operating the existing ones efficiently, we will meet the challenges and opportunities from the rapid economic growth and the rising demand for petroleum products in the country.'' He said it has been our constant endeavour to adopt state-of-the-art technology and modernise pipeline systems by upgrading existing facilities and replacing obsolete equipment, fire and safety systems.

Mr Behuria said Indian oil and its subsidiaries today account for 47 per cent petroleum products market share, 41 per cent refining capacity and 51 per cent downstream product pipeline capacity in India.

''We are also planning to lay product pipelines from Paradip to Ranchi and Raipur, and from Chennai to Bangalore in near future,'' he added.

UNI