Refinery residue power plant tender for IOC
Indian Oil Corporation (IOC) and Mitsubishi Corporation has asked STEAG of Germany to invite global pre-qualification proposals for the setting up of a vacuum residue-based thermal power project of 500-MW capacity.
IOC has entered into a joint venture with Mitsubishi to set up a 500-MW power plant using vacuum residue available from IOC's adjacent refinery in Gujarat. Mitsubishi will take a 26% stake in the project, estimated to cost Rs19 billion ($437m).
STEAG is preparing the detailed project report. The scope of work includes tendering, evaluation, and recommendation to the client of award of the EPC contract.
IOC is also setting up a second 301-MW power plant based on vacuum residue in Haryana in an alliance with Marubeni, which has a 26% stake in the project estimated to cost Rs 15.28 billion ($351m).
