Indian Oil plans $22 billion expansion over five years
In another move to check the rising levels of air pollution in Delhi, the city was the first in the country to start selling BS-VI compliant fuel yesterday onwards.
State-owned oil firms will begin supplying the BS-VI petrol and diesel at all their 391 petrol pumps in the national capital territory (NCT) from tomorrow, said Indian Oil Corp (IOC) Director (Refineries) B V Rama Gopal. "We have accepted the challenge", said Gopal.
Costing wise, the cleaner fuel should cost around 50 paisa a litre more. Compared to BS-IV fuel, which is now sold across the country, producing and selling a litre of BS-VI fuel costs 50 paise more.
The IOC has made massive investments to be able to produce the improved fuel, the director of refineries said.
Besides, a plant to convert agricultural stubble to ethanol is being set up also at Panipat at a cost of Rs 760 crore, he added.
Making an announcement about the Indian Oil Corp's preparations for supplying the Euro-VI emission norm-compliant BS-VI fuels in place of the earlier Euro-IV grade.
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He said IOC, BPCL, and HPCL are together setting up a new 60 MPTA refinery on the west coast in Maharashtra.
While the deadline for the rest of the country stands, the same for Delhi, which is choking on thick toxic smog, was brought forward. The newly introduced fuel is estimated to reduce the amount of sulphur released by 80 per cent, from 50 parts per million to 10 ppm.
Using BS-VI fuel in vehicles that meet BS-IV or lower standards do not result in major emission reduction.
"BS-VI petrol and diesel supplies from tomorrow give comfort to automobiles manufacturers that supplies of cleaner fuel would not be a problem", the official said.
The Director also said that a new refinery was being set up in Maharastra's Ratnagiri district by a joint venture in which International Olympic Committee has 50 per cent stake and 25 per cent each is held by the state-run Hindustan Petroleum and Bharat Petroleum. This comes much before the nationwide switchover date of April 2020. But now the government plans to switch over directly from BS-IV to BS-VI auto fuels.
Besides, the company is investing ₹ 15,600 crore in expansion of petrochemical projects and another ₹ 74,600 crore in raising the capacity of its existing refineries. Additionally, the company plans to invest Rs 20,000 crore in petcoke projects.
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