IFSC: Aircraft leasing gets a big boost
Around 80 per cent of the total commercial fleet in India is leased against 53 per cent of the same, globally
Chennai Petroleum Corporation Ltd (CPCL), a subsidiary of Indian Oil Corporation, is proposing to commission two major projects, which entail investments worth ₹2,208 crore, during this fiscal.
The company has successfully completed the BS-VI DHDT revamp project (from 1.8 to 2.4 million metric tonnes per annum) in November 2019 with a new FCC gasoline desulphurisation unit of 0.6 mmtpa capacity.
The pre-commissioning activities have already commenced and mechanical completion of the unit is expected during this quarter. Commissioning is expected by th ethird quarter of this fiscal, the company said in a communication to its shareholders.
The new sulphur recovery block is expected to be mechanically completed by Q4 of 2020-21. The estimated project cost for this BS-VI auto fuels quality upgradation project is ₹1,858 crore. CPCL has also completed the R-LNG (Regassified Liquified Natural Gas) conversion project in one of the hydrogen generation unit (HGU-214) by taking R-LNG as fuel and feed. R-LNG has been taken as fuel in refinery-III furnaces, 3 out of 5 gas turbines and 3 out of 6 utility boilers.
R-LNG conversion in balance gas turbines and utility boilers, and HGU-205 is expected to be completed by Q4 of this fiscal in a phased manner. It had originally planned to complete the same by this month. The total cost of this project is about ₹350 crore.
“R-LNG conversion will have a positive impact on the carbon footprint with a reduction in CO2 emissions and will reduce specific feed & fuel consumption for production of hydrogen. This will also enable the processing of additional high sulphur crude,” the company said. Referring to its 9-mmtpa refinery complex project at Cauvery Basin Refinery, Nagapattinam in Tamil Nadu, the company said environmental clearance for the project is in an advanced stage of review and approval by the Union Ministry of Environment, Forest and Climate Change.
“In early June this year, the CPCL board approved the incorporation of a joint venture for the Cauvery Basin project with Indian Oil Corporation and CPCL together holding 50 per cent stake in the JV. The remaining portion will be held by financial institutions/strategic investors. CPCL can invest up to ₹2,500 crore in the JV. While total project cost is estimated at about ₹28,983 crore, the overall funding strategy is yet to be firmed up.”
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