The country's leading petroleum company Indian Oil Corporation Limited (IOCL) is going to invest Rs 21,000 crore in Bihar.
- This announcement was made by the company's Executive Director Suman Kumar at the Bihar Business Connect Investor Conference held in Patna.
- Under this investment, a plan has been made to increase the capacity of Barauni Refinery and develop CNG and PNG network in the state.
Key points of investment
- Extension of Barauni Refinery:
- The existing capacity will be increased from 60 lakh tonnes per annum to 90 lakh tonnes per annum.
- The company will invest Rs 16,000 crore in this project.
- Petrochemical Plant:
- A polypropylene plant will also be set up along with the refinery.
- Polypropylene is the raw material of the plastics industry.
- The plant is likely to be operational by the end of 2025.
- CNG and PNG Network:
- CNG pumps for vehicles will be opened in 27 cities of Bihar.
- A network will be established to supply piped natural gas (PNG) to homes and industries.
- An investment of Rs 5,600 crore will be made on this project.
Indian Oil: Oldest investor in Bihar
- Barauni Refinery:
- Established in 1964, this refinery was Indian Oil's first major investment in Bihar.
- The initial capacity was 30 lakh tonnes per annum, which was increased to 60 lakh tonnes.
- Now:
- There are plans to increase the capacity of the refinery to 9 million tonnes per annum.
- The capacity of the polypropylene plant will be two lakh tonnes.
Contribution of Indian Oil in the development of Bihar
- industrial development:
- Supply of raw material for plastics industry will boost the industrial development of the state.
- Expansion of clean energy:
- Environment friendly fuel will be supplied through CNG and PNG network.
- Employment Opportunities:
- The projects will generate direct and indirect employment for thousands of people.
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