Guwahati sources have stated that according to sources Indian Oil Corporation will invest Rs 3,400 crore in Assam over the next five years to expand its operations by setting up new units as well as upgrading the existing ones. Meanwhile a senior IOC official said the company will sign a Memorandum of Understanding (MoU) with the Assam Government to this effect at the two-day 'Advantage Assam Global Investors Summit 2018' which has begun.
Accordingly Indian Oil Corporation, Executive Director (IndianOil-AOD), Dipankar Ray told that the company's Board has already approved the funding and it may increase in future depending upon the progress of the work and the major chunk of this will go for expansion of our refinery capacities. We are going to add new units and also upgrade the existing ones to improve the fuel quality and BS-VI compliant fuel will be required as per norms.
He added besides, IOC's existing depots at Betkuchi in Guwahati, Lumding
and Missamari will see capacity expansion under this project. According to
sources some projects under this MoU have already started, while some will
begin soon. These projects will also help create jobs, mostly in contract
through indirect route.
