...to invest Rs 492 crore in Gujarat, to open 200 pumps

Ahmedabad: The national oil marketer Indian Oil Corporation will be investing Rs 492 crore in Gujarat this fiscal to augment capacity and to expand its distribution network.

The major chunk of this investment will go into augmenting the capacity of IOC's LPG import terminal at Kandla and towards adding storage facilities at various other terminals, said SS Lamba, an executive director here Tuesday. "We will increase the Kandla LPG terminal capacity from the present 0.6 million tonne to 2.5 mtpa. We have to expand our capacity in view of the rising demand for LPG. "We will also be investing in adding additional storage facilities for ethanol and other products at various terminals in the state," said Lamba. Looking at the future demand projections, IOC, currently operating over 1,350 retail outlets in Gujarat, has also planned to commission about 200 new pumps by the end of this financial year, Lamba added. In addition, IOC is also targeting to commission 50 new CNG stations during this year, said Lamba, adding nine such outlets have already been commissioned. Investment would also go towards technology upgrade, automating retail outlets and to set up additional facilities, he added.