MOSCOW (MRC) -- India has set up a panel of officials to suggest ways to settle land acquisition issues for a planned USD44 billion refinery on the west coast, reported Reuters with reference to Indian Oil Corp statement.
Saudi Aramco and ADNOC will hold a 25 percent stake in the planned 1.2 million barrel per day refinery and petrochemical project while a consortium of Indian refiners led by IOC will together hold the remainder.
The committee will also recommend on issues relating to the overall environmental protection and ecological conservation of the region - IOC statement. The panel will submit its recommendation in six months. Thousands of farmers oppose the refinery and are refusing to surrender land.
India aims to start production from the planned project by 2022.
As MRC wrote before, Indian Oil Corporation's Rs 34,555-crore 15 million tonnes per annum Paradip Refinery was commissioned in phases from March 2015 onwards. Indian Oil Corporation was conducting feasibility studies to set up a petrochemical complex at Paradip in Odisha for Rs 20,000 crore. The petrochemical complex will be built in the vicinity of the company’s to-be-commissioned 15-mln tpa greenfield refinery at Paradip. The petrochemical complex will be in addition to the already announced Rs 3,150-crore polypropylene project at the same location, the foundation stone for which was laid by MOS for petroleum and natural gas.
Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
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