PSU Oil Cos To Invest Rs 77500 Crore On Expansion (04-Mar-2010)
Public Sector Undertakings (PSU) oil firms will now invest more than Rs. 77,500 crore on expansion projects by adding 44.2 mn tonnes of refining capacity by 2012.
Petroleum Minister Murli Deora said Indian Oil Corp is investing Rs. 29,777 crore in building a new refinery at Paradip (Orissa) with a production capacity of 15 mn tonnes per annum.
Bharat Petroleum Corp''s joint venture is investing Rs. 11,397 crore in a 6 mn tonnes unit at Bina (Madhya Pradesh), while Hindustan Petroleum Corp is spending Rs. 18,919 crore in building a 9 mn tonnes refinery at Bhatinda (Punjab).
Moreover, Mangalore Refinery is also investing Rs. 12,412 crore in expanding its existing production capacity of 11.82 mn tonnes to 15 mn tonnes per annum.
Mr. Deora said by the end of XIth Five Year Plan (2007-12), these and other capacity additions would raise India''s oil refining capacity to 153.832 mn tonnes from 109.586 mn tonnes at present.
Other capacity addition projects include Rs. 2,869 crore expansion of IOC''s Haldia refinery by 1.5 mn tonnes to 7.5 mn tonnes and Panipat unit expansion to 15 mn tonnes from 12 mn tonnes at present with an investment of Rs. 1,008 crore.
HPCL will expand its 5.5 mn tonnes Mumbai refinery to 7.9 mn tonnes with an investment of Rs. 295.46 crore and 7.5 mn tonnes Vizag unit to 10 mn tonnes with an investment of Rs. 280 crore.
Chennai Petroleum Corp is also investing Rs. 500.41 crore in expanding its 9.5 mn tonnes Manali unit to 11.1 mn tonnes.
Meanwhile, the government has stated that it will receive an additional Rs 40,000 crore from the increase in excise and restoration of duties on petroleum products.
Whereas, it also said that it will lose Rs 21,000 crore due to income tax sops.
Revenue Secretary Sunil Mitra said that out of the Rs 40,000 crore, Rs 14,000 crore would come from excise duty hike and Rs 26,000 crore from petro duties.
However, the government in the Budget increased excise duty, which was lowered to 8% during the crisis, to 10% and also restored duties on petroleum products.
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