Refinery residue power plant tender for IOC

Vol 3, PW 17 (15 Sep 99) News in Brief

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).

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