Reiterating IOC's commitment to the energy security of India, company Chairman Shrikant Madhav Vaidya said the projects will contribute significantly to employment generation while kickstarting the economy with a focus on 'Aatmanirbhar Bharat'.
State-owned Indian Oil Corp (IOC) on Thursday said it is investing Rs 14,800 crore in expanding the capacity of its Barauni refinery in Bihar as part of over 2,800 projects being executed under the Aatmanirbhar Bharat campaign to boost domestic manufacturing and create jobs. “IOC is currently executing 2,814 projects with a cumulative investment of Rs 2,05,100 crore,” the company said in a statement. “The projects will generate a total of 217.7 lakh man-days of employment in fiscal 2020-21.”
A total amount of Rs 818.35 crore was paid till August 15 to workers engaged in various ongoing projects, generating about 54.6 lakh man-days of work. “Reiterating its focus on ‘Aatmanirbhar Bharat’ (self-reliant India), IOC has ramped up activities across all its project sites while strictly following the COVID-19 health advisories. These mega projects will ensure the nation’s energy security as the Indian economy prepares to bounce back,” the statement said.
Out of the 2,814 projects under execution, 622 projects worth Rs 1.18 lakh crore pertain to its refineries division. “To meet the future energy demands needed to boost the Indian economy, IOC is augmenting the capacity of its Barauni refinery from 6.0 million tonnes per annum to 9 million tonnes at an estimated cost of Rs 14,810 crore,” it said.
This capacity augmentation project alone would generate over 9 lakh man-days of work during the current financial year (April 2020 to March 2021). Other projects include a Rs 6,025 crore plan to lay a gas pipeline from Ennore in Tamil Nadu to Tuticorin. More than half of this project has already been completed and generated over 3 lakh man-days in the current fiscal.
While over 50 per cent of the Rs 5,654 crore Mono Ethylene Glycol (MEG) project at Paradip refinery is completed, the Rs 3,338 crore Paradip-Hyderabad pipeline is almost nearing completion. “This project has generated over 2 lakh man-days in the current fiscal,” the statement said.
Reiterating IOC’s commitment to the energy security of India, company Chairman Shrikant Madhav Vaidya said the projects will contribute significantly to employment generation while kickstarting the economy with a focus on ‘Aatmanirbhar Bharat’.
The work is also going on full steam on expansion/upgrade of Paradip-Haldia-Barauni crude oil pipeline at an estimated cost of around Rs 3,696 crore. Other projects include a Rs 690 crore LPG import facility at Paradip in Odisha, a Rs 466 crore oil terminal at Atchutapuram in Andhra Pradesh, a Rs 1,636 crore expansion plan for chemical units at Panipat refinery, Rs 906 crore for creation of infrastructure facilities at Gujarat refinery and a Rs 909 crore 2G ethanol plant at Panipat.
“Overall, about 54.6 lakh man-days of work has been generated by IOC projects in the current financial year up to August 15. A total of 217.7 lakh man-days of employment would be generated through these projects during 2020-21,” IOC said. “These projects are crucial for addressing future energy demands as well as employment generation while kickstarting the Indian economy.”