Indian Oil Corporation earmarks Rs 22,000-crore capex for FY19


Indian Oil Corporation earmarks Rs 22,000-crore capex for FY19

Indian Oil Corporation (IOC) today said it has lined up Rs 22,000-crore capex plan for the current fiscal year and will commission the Ennore-Manali LNG pipeline on schedule by the end of the year. Sanjiv Singh, the chairman of the nation’s largest oil marketing company, said the board has approved a capex plan of Rs 22,000 crore for FY19, of which around Rs 6,000 crore will be towards upgrading refineries to meet BS-VI emission norms.

Addressing reporters after the the AGM here, Singh also said the company is confident of commissioning the over Rs 4,000-crore, the 1,170-km-long pipeline linking its Ennore LNP terminal near Chennai to Manali in Himachal in 2018.

The over Rs 5,000-crore LNG terminal at Ennore will be commissioned as schedule by October, he added. “More than 50 per cent work on the pipeline is already completed and we have tied up with all our target customers in Manali and most of them in Chennai region as well, Singh said. Read More

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