Energy ministers of 4 SAARC nations to attend IOCL refinery inauguration

BHUBANESWAR: The inauguration of 15 MMTPA oil refinery project in Odisha’s Paradip will witness the presence of four energy ministers of South Asian Association for Regional Cooperation (SAARC) member countries.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said energy ministers of four SAARC countries-Bangladesh, Maldives, Nepal and Sri Lanka-will witness the dedication ceremony of IOCL project.

Prime Minister Narendra Modi will dedicate the oil refinery plant of IOCL to the nation on February 7.

Pradhan said the four SAARC member countries have given their consent to attend the dedication ceremony.

Besides, Odisha Governor Dr SC Jamir, Chief Minister Naveen Patnaik, Odisha Industries Minister Debi Prasad Mishra will attend the event.

Built at a cost of Rs 34,555 crore, the Paradip refinery is designed to process broad basket of crude including cheaper high sulphur heavy crude.

IOCL’s Paradip refinery is tipped to be the most modern refinery in the country with a nil-residue production, and the products would meet stringent specifications. Indian Oil has taken over 3,344 acres of land for the project.

The refinery would roll out BS-IV compliant products from Day one and is also capable of producing BS-VI products. Oil marketing PSUs are expected to pump in Rs 28750 crore for switching over to BS-VI auto fuels by April 1, 2020. BS-IV and BS-VI auto fuels have far lower sulphur content compared to BS-III levels.

The Paradeep refinery has unique INDMAX (Indane Maximization) technology with 4.17 million tonne capacity capable of delivering up to 44 per cent LPG.

The Paradeep refinery is capable of processing 100 percent high sulphur, including 40 percent heavy crude oil of low cost. The refinery would churn out a wide gamut of petroleum products like petrol, diesel, kerosene, aviation turbine fuel, propylene, sulphur and petroleum coke.