State-owned Indian Oil Corp (IOC) said it is investing Rs 148 billion in expanding the capacity of its Barauni refinery in Bihar as part of over 2,800 projects being executed under the Aatmanirbhar Bharat campaign to boost domestic manufacturing and create jobs. "IOC is currently executing 2,814 projects with a cumulative investment of Rs 2051.00 billion," the company said in a statement.
"The projects will generate a total of 21.77 million man-days of employment in fiscal 2020-21." A total amount of Rs 8.1835 billion was paid till August 15 to workers engaged in various ongoing projects, generating about 5.46 million man-days of work.
"Reiterating its focus on 'Aatmanirbhar Bharat' (self-reliant India), IOC has ramped up activities across all its project sites while strictly following the COVID-19 health advisories. These mega projects will ensure the nation's energy security as the Indian economy prepares to bounce back," the statement said.
Out of the 2,814 projects under execution, 622 projects worth Rs 1180 billion pertain to its refineries division. "To meet the future energy demands needed to boost the Indian economy, IOC is augmenting the capacity of its Barauni refinery from 6.0 million tonnes per annum to 9 million tonnes at an estimated cost of Rs 148.10 billion," it said.
This capacity augmentation project alone would generate over 9 lakh man-days of work during the current financial year (April 2020 to March 2021). Other projects include a Rs 60.25 billion plan to lay a gas pipeline from Ennore in Tamil Nadu to Tuticorin. More than half of this project has already been completed and generated over 3,00,000 man-days in the current fiscal.
While over 50 per cent of the Rs 56.54 billion Mono Ethylene Glycol (MEG) project at Paradip refinery is completed, the Rs 33.38 billion Paradip-Hyderabad pipeline is almost nearing completion. "This project has generated over 2,00,000 man-days in the current fiscal," the statement said.
Reiterating IOC's commitment to the energy security of India, company Chairman Shrikant Madhav Vaidya said the projects will contribute significantly to employment generation while kickstarting the economy with a focus on 'Aatmanirbhar Bharat'. The work is also going on full steam on expansion/upgrade of Paradip-Haldia-Barauni crude oil pipeline at an estimated cost of around Rs 36.96 billion.
Other projects include a Rs 6.90 billion LPG import facility at Paradip in Odisha, a Rs 4.66 billion oil terminal at Atchutapuram in Andhra Pradesh, a Rs 16.36 billion expansion plan for chemical units at Panipat refinery, Rs 9.06 billion for creation of infrastructure facilities at Gujarat refinery and a Rs 9.09 billion 2G ethanol plant at Panipat.
"Overall, about 5.46 million man-days of work has been generated by IOC projects in the current financial year up to August 15. A total of 21.77 million man-days of employment would be generated through these projects during 2020-21," IOC said. "These projects are crucial for addressing future energy demands as well as employment generation while kickstarting the Indian economy."
