IOC trains guns on oil & gas acquisitions

New Delhi, Mar 29 | Updated: Mar 30 2007, 05:30am hrs
IndianOil Corp, the countrys largest refiner, will focus on acquisition of oil and gas producing assets and crop plantation for bio-diesel in 2007-08 fiscal.

IOC signed a performance memorandum of understanding (MoU) for 2007-08 fiscal, incorporating the twin objective, with the government yesterday, a company release said. The MoU was signed by petroleumsecretary MS Srinivasan and IOC chairman Sarthak Behuria.

In a manifestation of consistent outstanding performance according to laid-down criteria, IOC has been earning excellent rating for the last 17 consecutive years, it said. This years MoU saw introduction of several other new key parameters such as city gas distribution in eastern sector, 10% increase in ethanol blending programme by volume, besides renewed focus on human resource development.

Five major projects to be monitored as a part of the MoU are Panipat Refinery expansion from 12 to 15 million tonnes per annum, Naphtha Cracker at Panipat Refinery, augmentation of Mundra-Panipat crude oil pipeline to 9 million tonnes.

Panipat-Jalandhar LPG pipeline and the Hydrocracker project at Haldia Refinery. The major research projects to be monitored under the MoU include optimisation of hydrogen-CNG blend ratio for the best performance in automotive vehicles, the release said adding, quality, safety and environment protection has been recognised asa key performance area.

PTI