Indian Oil Corporation (IOC) has said that it will invest Rs 9,028 crore for laying a new crude oil pipeline from Mundra in Gujarat to Panipat in Haryana.
The pipeline, which will have a capacity of 17.5 million tonnes per annum, will transport imported crude oil from the Gujarat coast to the firm's refinery in Haryana, the company said in a statement.
"Under this project, IOC would also build 9 crude oil tanks of 60,000 kilolitres each at Mundra, which, apart from meeting operational requirements, would help in enhancing crude oil storage capacity in the country. The total estimated cost of the project is Rs 9,028 crore," it said.
IOC said that the new pipeline system and crude oil tank storage would help in meeting the enhanced need of crude oil requirement due to the expansion of the Panipat refinery. The crude oil pipeline project is expected to be completed in synchronisation with the commissioning of Panipat refinery expansion.
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