Indian Oil Corp (IOC), the nation’s biggest oil company, is evaluating setting up a Rs 20,000-crore coke gasification project at its Paradip refinery in Odisha to convert the lowest-cost fossil fuel into gas that can be used to generate power or make petrochemicals.
The Odisha government and the Indian Oil Corporation Limited (IOCL) will soon file a joint petition in the Orissa High Court to inform it about the settlement of the dispute between the two over the Paradip refinery.
Buoyed By Resolution of Tax Dispute, IOC Plans Additional Investment of Rs 52K crore In Paradip Refinery
IOC and the Odisha government have agreed on modalities to resolve the tax dispute following intervention from petroleum minister Dharmendra Pradhan. As part of the understanding reached between the two sides, the Odisha government has agreed to restore part of the tax incentives.
With formal resolution of tax dispute relating to its Paradip refinery now being just a matter of time , the oil PSU plans to invest additional Rs 52,000 crore in expanding capacity of the project and setting up petrochemical complex.
IOC and the Odisha government have agreed on modalities to resolve the long-running tax dispute relating to the Paradip refinery, sources said.
Indian companies have stepped up purchases of high-sulphur crude oil from the Middle East and Russia in the spot market to feed demand from expanded refining capacity, trade sources said.
State-owned Indian Oil Corp (IOC) may drag the Odisha government to court for reneging on its promise to give tax concessions to its Rs34,555 crore Paradip refinery in the state.
A day after the state cabinet decided not to allow financial sops to IOCL ‘s 15 MMTPA Paradip refinery , finance minister Pradip Kumar Amat justified the move in the assembly on Thursday
State-owned IOC has threatened to reconsider plans to invest Rs 52,000 crore on expansion of Paradip refinery in Odisha and setting up a petrochem project as the state government is withdrawing tax sops
In a setback to Indian Oil Corp (IOC), the Odisha government has slapped a notice seeking withdrawal of fiscal incentives given to the PSU’s Rs 34,555 crore Paradip refinery in the state
Shares of oil marketing companies such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) hit new all-time highs of Rs 392.70, Rs 726 and Rs 549.95, respectively, in Friday’s trading session.