The planned sale is part of thegovernment’s asset monetisation agenda aimed at generating revenue from selling unutilised or part utilised assets to private investors.
The company's management has also left no stone unturned to inspire the company's stakeholders to get vaccinated at the earliest to contribute to the success of the world's largest vaccination drive.
The plan is in line with government's asset monetisation programme where it wants PSUs to identify non-core assets that could be sold to raise resources for next wave of investments.
Besides expanding the oil refining capacity, the company also plans to set up a polypropylene unit and a catalytic dewaxing unit, it said in a statement.
The IOC will provide 43 ice line refrigerators,14 Deep Freezers,1 Walk In cooler and 1Walk in Freezer ,total worth RS 83.35 lakhs.
There was a drop in the jet fuel business following coronavirus-induced restrictions but from May 25, 2020 onwards, the aviation sector has re-started and has led to increased demand.
The company is laying pipeline from Manmad to Solapur and the capacities of company in Manmad will be almost doubled.
The Commissionerate Police report said, about 12 points of the standard operating procedure were violated.
The fuel is manufactured at IOC's Mathura refinery in Uttar Pradesh and supplied at select petrol pumps, Union Minister Dharmendra Pradhan said.
New oil terminal worth Rs 900 crore at Vallur will supply fuel products to Chennai, adjoining districts
Built at an estimated cost of Rs 900 Crore, the terminal will also have the operational flexibility to receive petroleum products through tanker ships from Chennai Port during contingency.
Aramco and Adnoc are to hold 50 per cent in the project, while IOC has a 25 per cent stake. The remaining 25 per cent is split equally between BPCL and HPCL.
Land acquisition was completed and the oil major started pipeline laying work in Tiruchy two weeks ago.
Indian Oil Corpn will have to wait longer for its 3-lakh metric tonne crude oil cargo
The Gujarat refinery project is part of IOC's plans to boost petrochemical capacity by more than 70 per cent over the next decade, from 3.2 million tonnes a year currently, Vaidya said.
According to the review, Indian Oil Corporation Limited (IOCL) has spent Rs 346 crore during the current financial year on its 357-KTA Monoethylene Glycol (MEG) plant at Paradip Refinery.