Indian Oil Awards Storage Vessels Contract for Belgaum LPG Bottling Plant

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Researched by Industrial Info Resources India (Delhi, India)--Indian Oil Corporation Limited (BSE: 530965) (New Delhi, India), India's state-owned oil company, has selected Sharp Tanks & Structurals Private Limited (Mumbai, India) as the contractor for the construction of mounded storage vessels for the expansion of a liquefied petroleum gas (LPG) bottling plant at Belgaum in Karnataka.

The $3 million contract has been awarded through a competitive bidding process. Indian Oil is expanding the capacity of its LPG bottling plant by 2,400 metric tons. The plant currently has a capacity of 600 metric tons, and the plan is to add two mounded storage vessels of 1,200 metric tons each. The construction for the project already has started, and it is expected to be completed by August 2013.

Indian Oil is in the process expanding its LPG marketing network in India by expanding its existing plants and laying new LPG pipelines. Other companies in the country, like Hindustan Petroleum Corporation Limited (BSE:500104) (Mumbai) and Bharat Petroleum Corporation Limited (BSE:500547) (Mumbai), are planning to lay new pipelines and expand their existing bottling plants. Indian Oil has 89 LPG bottling plants, 140 POL depots and terminals and 10 refineries in India.

Indian Oil and its subsidiaries account for a 47% share in the petroleum products market, 34.8% share in refining capacity and 67% downstream sector pipelines capacity in India. Indian Oil's product range covers petrol, diesel, LPG, auto LPG, aviation turbine fuel, lubricants, naphtha, bitumen, paraffin, kerosene, etc. Indian Oil is the largest refining company in India and owns 10 out of 20 operational refineries in the country. The Indian Oil Group has a cumulative refining capacity of about 1.3 million barrels per day.

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