Indian Oil Corporation's Vadinar Terminal Expansion Delayed Three Months

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Researched by Industrial Info Resources India (Delhi, India)--The commissioning of Indian Oil Corporation Limited's (BSE:530965) (New Delhi) Vadinar crude oil terminal and blending facility expansion project has been delayed three months. The project is now scheduled to be commissioned in June 2012. The $59 million project involves expanding the current capacity by 2.6 million barrels by constructing five 530,000-barrel crude storage tanks to store high-sulfur crude oil, along with setting up a crude oil mixing facility at Vadinar.

IOT Infrastructure & Energy Services (Mumbai) is involved in the construction work for the work station, although initially Prashanth Projects Limited (Mumbai) was awarded the contract for construction work in January 2010. However, Pashanth's contract was terminated after a few months because of poor performance. The contract went to IOT in December 2010. But IOT Infrastructure & Energy Services has failed in completing the station work in the committed time frame, resulting in the delay of the project.

According to IOT, work on other project fronts is on schedule, and the construction of crude tanks has been completed. Construction of allied facilities like oil and water separators is in progress. Overall progress so far is 90%.

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