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Richa Mishra

New Delhi , Sept. 3

INDIAN Oil Corporation Ltd, which has been commissioned to do a detailed feasibility study on making India an investment destination for refiners, in particular export-oriented refineries, is likely to rope in Shell Global to undertake the study.

According to IOC sources, the company was initially thinking of doing it internally, but now it is considering the appointment of an independent consultant. This is not the first time that the company would be involving Shell Global to do a feasibility study. IOC had commissioned Shell Global and Engineers India Ltd to do a detailed feasibility study for its Paradip refinery project.

Noting that India has already established itself as a net exporter of petroleum products with export earnings of over Rs 28,000 crore in 2004-05, IOC was asked by the Petroleum Ministry to prepare a detailed feasibility study aimed at promoting India as the refining hub of South Asia and South-East Asia.

Any action plan for the purpose would be worked out based on the feasibility study, the Petroleum Ministry sources said. The estimated export of petroleum products during 2005-06 is 13.305 million tonnes worth Rs 20,374 crore. Export earnings during the first quarter of 2005-06 amounted to Rs 8,962 crore.

When asked whether the Government has decided to push for ramping up India's oil refining capacity with emphasis on exports, the sources said the present refining capacity as of April 2005 was 127.37 million tonnes per annum (MTPA). It has planned to enhance this capacity to 141.70 MTPA by the end of the Tenth Five-Year Plan (2006-07). The total capacity addition or expansion plans of about 14.33 mt will be by the four oil companies - Bharat Petroleum Corporation Ltd (BPCL), IOC, and Hindustan Petroleum Corporation Ltd (HPCL) - put together.

Apart from this, public sector oil companies have also proposed to set up four new refineries, completion of which is likely to spill over beyond the Tenth Five-Year Plan. The new refineries are one each of IOC and HPCL and two of BPCL.

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