Indian Oil Corporation (IOC) is planning to open another terminal in the state of Karnataka in an attempt to cater to the demands of petroleum products including Petrol, Diesel, Kerosene and Liquified Petroleum Gas (LPG).
DL Pramodh, executive director of IOC (Karnataka), said they were looking for 120-150 acres of land in Davanagere-Chitradurga region to set up another terminal as the demand for their products are growing day by day.
“We are planning to invest around Rs 4-5 billion and already in talks with Karnataka Industrial Areas Development Board (KIADB). This will not just cater better but also will lessen the burden on Bengaluru's Devanagonthi terminal located near Hoskote which sells around five million tonnes annually," he said.
According to IOC, the 92 acre terminal situated on the outskirts of Bengaluru caters to 30% of the Karnataka's demand for petroleum products. The company said, "Presently, we sell about five millions tonnes of fuel in Karnataka annually and have a market participation of 44%. The terminal in Bengaluru has a product coverage of 10 days for petrol and diesel, 14 days for Kerosene and five days for aviation fuel.”
During 2019-20, Indian Oil has released new connections to the tune of 0.238 billion out of which 0.147 billion were under Ujjwala scheme, which is highest for the industry, the company said. IOC terminal to go eco-friendly.
With Supreme Court directing union government to implement Bharat Stage VI (BS VI) emission norms before April 2021, the IOC said that they are going to replace BS IV with BS VI from early 2020 to make the petroleum products more eco-friendly.
