During its 29th
annual general meeting, Numaligarh Refinery, the holding behind the namesake oil refinery in Assam, India, has disclosed a US$4.4b investment plan for mid and downstream projects.
The amount will be distributed over the course of the next five years among the Numaligarh refinery expansion project (NREP), the Paradip Numaligarh crude oil pipeline (PNCPL), the Paradip crude oil import terminal (COIT), the 2G ethanol project and the India-Bangladesh Friendship Pipeline (IBFPL).
The completion of these initiatives with no execution or financial setbacks will be the company’s main focus for now.
The expansion of the Numaligarh refinery is expected to be fully delivered in 2024, taking the facility’s capacity from 3 million metric tonnes per annum (mmtpa) to 9mmtpa. This project alone is calculated to cost over US$3.5bn.
The Numaligarh Refinery holding is owned by Oil India Limited (69.6%), the Government of Assam (26%) and Engineers India (4.37%).
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