IOC to go solo on pipeline project if Reliance pulls out

New Delhi, Aug 26: INDIAN Oil Corporation (IOC) said on Sunday that it will go ahead with the Rs 2,000-crore Central India pipeline project on its own if Reliance pulls out and decided to pursue its own parallel pipeline project.

“So far, Reliance has being with us like a committed partner, but if it walks out of the project, we will go solo,” a senior IOC official said here.

Reliance has proposed a gas pipeline on its own that takes almost the same route as the 1700-km Central India Pipeline originating from Jamnagar in Gujarat and travelling up north.

While the Central India pipeline would carry petroleum products from refineries in Gujarat to major consuming centres in north India, Reliance’s pipeline project is for transporting natural gas, the official said.

Meanwhile, IOC director (pipeline) AN Jha said that 14 companies, including IOC, RPL, L&T and Gammon are in race for the Build, Own, Operate and Transfer (BOOT) construction contract of the Central India pipeline.

Petronet India Ltd, the holding company promoted by IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), will invite technical bids from the companies after the concession agreement and information memorandum is prepared by November 15.

Contract for the pipeline, which is targeted for commissioning by May 2004, is likely to be awarded by March, 2002, he added.The Central India pipeline project will traverse from Jamnagar to Ratlam via Rajkot and Koyali. From Ratlam, one section would branch to Gwalior and the other would branch to Nagpur to feed the various consumption zones in Central India, Mr Jha said.

(PTI)