Indian Oil Corporation Limited (IOCL) said on Tuesday it will invest Rs. 9,028 crore on building a new crude oil pipeline from Mundra in Gujarat to Panipat in Haryana.
The Board of Indian Oil at its meeting held on December 20, 2021, has accorded approval for the investment proposal of a new crude oil pipeline system with a nameplate capacity of 17.5 million tonnes per annum (MMTPA) from Mundra to Panipat along with augmentation of a crude oil tank farm at Mundra, at an estimated cost of Rs.9,028 crore, IOCL said in a regulatory filing to the stock exchanges.
The project will meet the enhanced crude oil requirement arising out of the capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA.
The project is expected to be completed within 36 months and would be synchronised with the commissioning of the Panipat Refinery expansion project.
( With inputs from ANI )
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