IOC to invest US$1 billion in new pipeline projects

Indian Oil Corp. Ltd. (IOC), the country’s largest state-owned refiner, plans to invest Rs46.5 billion rupees (US$999.36 million) in building new crude and petroleum product pipelines, said Minister of State for Petroleum and Natural Gas Jitin Prasada. The fresh pipeline investment plan is in addition to the projects that are already under implementation, the minister said. “The projects are expected to take 30-36 months from the date of investment approval by the board,” Prasada said. The minister, however, did not provide details of these pipelines, but said the projects could be covering states like Assam, Orissa, West Bengal, Uttar Pradesh, Gujarat, Rajasthan, Delhi and Haryana. IOC currently has a pipeline network stretching more than 10,000 kilometers, with a capacity of around 62 million tons per year. (November 26, 2009)