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IOC to invest Rs 50 bn on gas project

IOC to invest Rs 50 bn on gas project

Indian Oil Corporation (IOC) chose Dhamra coast in Orissa’s Bhadrak district for setting up a natural gas terminal at an investment of Rs 5,000 crore. In future, IOC plans to raise the capacity of the terminal by above 10 million tonne per annum. IOC and the state government would jointly promote necessary infrastructure in Orissa for distribution of natural gas for industries and city gas distribution.

IOC signed a Memorandum of Understanding (MoU) with state-owned Industrial Infrastructure Development Corporation of Odisha for this project.

IOC expects to complete the terminal construction work by 2018. It expects the project to ensure distribution of natural gas to domestic users, auto-industries and others. About 150 acre of land is required for the purpose and IOC has already signed an MoU with the Dhamra Port Company (DPCL) for the purpose.

The state agencies have already assessed the requirement and demand of natural gas and subsequent development of necessary infrastructure so as to make gas reach the demand of the centres.

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