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Our Bureau

New Delhi March 29 Five major projects are to be monitored as part of the memorandum of understanding (MoU) signed between Indian Oil Corporation Ltd (IOC) and the Government of India for the year 2007-08.

The projects are Panipat Refinery expansion from 12 to 15 million tonnes per annum (mtpa), Naphtha Cracker at Panipat Refinery, augmentation of Mundra-Panipat crude oil pipeline to nine mtpa, Panipat-Jalandhar LPG pipeline, and the Hydrocracker project at Haldia Refinery. In a statement issued here on Wednesday, the company said that it has pressed the pedal on successful bidding for acquisition of exploration and production assets and crop plantation for bio-diesel as part of its MoU with the Government of India for 2007-08.

The MoU is signed between the public sector undertaking and the nodal Ministry every year. This year's MoU saw introduction of several other new key parameters such as city gas distribution (CGD) in eastern sector, 10 per cent increase in ethanol blending programme by volume, besides renewed focus on human resource development, the company said.

Project implementation

While financial performance including gross sales, gross margin, net profit, throughput of refineries, and product pipelines continue to be the key parameters, project implementation has been given due weightage in the context of the large capital investments planned by IndianOil, the statement said. Assessment of customer satisfaction has been targeted to maintain IOC's market leadership, the company said.

Major research projects

In R&D, the focus will be on development and commercialisation of product formulations, the company said adding that the major research projects to be monitored under the MoU include optimisation of Hydrogen-CNG blend ratio for best performance in automotive vehicles. Quality, safety and environment protection has been recognised as a key performance area.

More Stories on : New Projects | Petroleum

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