Oil Terminal Indian Oil to Invest $ 27.5 Million for New Oil Terminal
State owned Indian oil announced plans to invest $ 27.5 million dollar in a new oil terminal at Chittoor, Andrah Pradesh district, India. The terminal shall help to expand the company's business in southern India.
Dehli/India – Indian Oil's newest terminal will have a capacity of handling 57,640 kiloliters (360,250 barrels) of refined petroleum products. A project of this scale would include the construction of tank truck loading stations, a tank wagon loading/receipt facility; and storages capacities for refined products such as diesel, kerosene oil, ethanol and furnace oil. The terminal is expected to be operational by the end of 2012. Insiders speculate that this project coincides with the shutting down of two existing lubricants depots in India.
Indian Oil also announced plans to set up an LPG bottling facility in the Nellore district, yet feasibility studies are still underway.