Commissioning of Paradip put off
Indian Oil Corporation has put off commissioning of the 9 million tonne Paradip Refinery in Orissa to the year 2007-08 in view of the flat growth in demand for petroleum products. In view of the surplus capacity, IOC thought it wise to reschedule the project commissioning to late 2007-08.
Hazira Port to be insured
United India Insurance, jointly with Bajaj Allianz, will insure the $420 million Hazira port and LNG terminal project of Shell India Pvt Ltd. The insurance premium of about Rs 15 crore per year will be divided on 80:20 basis between the two parties.
ONGC-IOC joint venture
ONGIO International Pvt. Ltd, a joint venture between ONGC and IOC, has identified training, consultancy and services in the hydro sector as a focus area of growth and it will market its capabilities in the neighbouring countries.