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Archive for December 11, 2009

IOC to develop Paradip Refinery on BOOT basis

December 11, 2009 1 comment

Indian Oil Corporation (IOC) has decided to take up BOOT model for setting up its Paradip refinery in Orissa and has therefore decreased the cost of the Rs 29,777-crore project by around Rs 5,000 crore.

IOC has outsourced work for its nitrogen and hydrogen units, crude and product tankages and water line to different companies.

IOC is setting up a 15-million tonne refinery which is expected to go on-stream by end-2012.

The nitrogen and hydrogen units are being constructed by US based Praxair. The company is to build a hydrogen plant with a capacity of 90 million standard cubic ft a day and a nitrogen plant of 500 tpd capacity.

The crude and product tankages are likely to be constructed by IOT Infrastructure & Energy Services, a JV company of IOC and Oiltanking GmbH. These companies will operate the units for 15 years.

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NECL receives MoU clause waiver for Astaranga port

December 11, 2009 1 comment

The Orissa Government has relaxed a clause in its MoU with the Hyderabad based Navayuga Engineering Company (NECL), enabling NECL to sign concession agreement with it for developing an all weather port at Astaranga in Puri district.

The clause stated that the developer has to obtain all the statutory clearances before signing the concession agreement. However, NECL had pleaded before the state government that it should be allowed to sign the concession agreement without obtaining all the statutory clearances, so as to expedite work on the project.

The company proposes to invest Rs 1,500 crore for the port project in the Phase I, Rs 2,000 crore in Phase II and Rs 2,500 crore in Phase III.

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