Indian Oil Will Invest $2,200,000,000 in a Range of Projects In Tamil Nadu

Indian Oil Will Invest $2,200,000,000 in a Range of Projects In Tamil Nadu

According to a senior corporate executive on Tuesday, Indian Oil Corporation has investments totaling more than Rs 2,200 crore planned for Tamil Nadu over the next two years to support key grassroots and expansion projects in the state.

The projects, according to V C Asokan, executive director of Indian OilCorporation Ltd and head of Tamil Nadu State, include "grass-roots terminals" at Asanur and Vallur, "captive petroleum" projects, and an oil and lubricant-LPG jetty at Kamarajar port, among others.

In addition to the ongoing projects in the Ennore-Tiruvallur sector, the Bengaluru-Puducherry-Nagapattinam-Madurai-Turicorin gas pipeline, and the augmentation of Chennai-Tiruchirappali-Madurai pipeline projects, he said the company would also take on the work for setting up the integrated Lube complex at Ammulaivoyyal village on the outskirts of Chennai.

Asokan came to examine and discuss the infrastructure for LPG storage and distribution at the LPG Bottling Plant outside of Kinathukadavu.

He said that a tripartite agreement had just been signed and that the joint venture with the Israeli technological firm Phinergy to produce and market aluminum-air technology as a lithium battery substitute will be available in another six months.

He said that the project's research and development team was working hard to produce aluminium plates for aluminum-air batteries and recycle the aluminium used in these batteries.

In accordance with the directive from the Centre, the business has achieved 10% ethanol blending with gasoline in Tamil Nadu and Puducherry and is trying to increase that to 20%.

Asokan said that IndianOil had a 53.9% share in LPG, 36.9% in gasoline, and 43.9% in diesel in Tamil Nadu.

In response to a question on the future use of gasoline and diesel in light of the government's push for electric cars, Asokan said that since more fuel-powered vehicles were being produced, there would not be a significant influence on the consumption in the next 15 to 20 years.