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Murli Deora lays foundation stone of Rs 2,600 crore Kochi Refinery Expansion-Cum-Modernisation Project
Posted On : 2007-06-25 04:08:44( TIMEZONE : IST )
Shri Murli Deora, Union Minister of Petroleum and Natural Gas today laid the Foundation Stone of BPCL's Kochi Refinery Expansion-Cum-Modernisation Project at Cochin. On this occasion Shri. V.S. Achuthanandan, Chief Minister of Kerala and Shri. Vayalar Ravi, Union Minister for Overseas Indian Affairs among others were present. Shri M.S.Srinivasan, Secretary Ministry of Petroleum & Natural Gas and Shri Ashok Sinha, Chairman & Managing Director of Bharat Petroleum Corporation Ltd. also attended the ceremony.
Speaking on the occasion, Shri Deora informed that Kochi refinery is being expanded to 9.5 million metric tonne per annum (MMTPA) from the existing 7.5 MMPA at a cost of about Rs.2,600 crore. In addition, Kochi Refinery is also implementing a single point mooring project which will enable import of crude through VLCCs. This project will be commissioned over the next 3 months at an estimated cost of over Rs.800 crore. Thus, Kochi Refinery will invest about Rs.3,500 crore in next two to three years. Petroleum Minister further emphasized that Investment by Kochi Refinery will not only lead to creation of direct and indirect jobs but also boost industrial activity in the State. There will be development of support industries leading to economic and social development. After the expansion, Kochi Refinery will supply green fuels conforming to Euro III/IV specifications.
Shri Deora also informed that Oil Industry now is largest merchandise exporter of the country with exports of over $17.5 billion during last year. It is expected that the oil sector will become a much larger exporter during the 11th plan. BPCL's refineries including Kochi Refinery will participate in making the country an export hub of petroleum products.
Referring to the oil Ministry's efforts to improve the oil security of the nation, he said that another initiative in this direction has been to introduce bio-fuels.
