Indian Oil to invest Rs 840 Crore to Expand its POL Storage Capacities

Indian oil company announced that it will invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacity, including the establishment of a greenfield facility in the northeast.

The executive director at Indian Oil Corporation, G Ramesh said, “We have two major projects coming up in the POL segment. The first one is the setting up of a greenfield depot at Sekerkote from existing 3,160 TMTPA.” 

The executive director has said that the company has already acquired an additional 10.67 crore of land for the expansion of the Betkuchi plant. He further said, “At the Silchar in Assam, we have invested Rs 4-5 crore. This is a major greenfield unit and it will be commissioned within the next few months.”

The company has also completed the construction of a greenfield POL unit at Moinarbond near Silchar in Assam and now railway tracks are being aligned for facilitating the bulk movement of fuel.

Earlier, IOC has said that it is embarking on a major expansion drive to enhance its LPG bottling capacity in the Northeast by 53% to eight-core cylinders annually by 2030 to meet the growing demand for cooking fuel.