Indian Oil Corporation (IOC) has decided to take up BOOT model for setting up its Paradip refinery in Orissa and has therefore decreased the cost of the Rs 29,777-crore project by around Rs 5,000 crore.
IOC has outsourced work for its nitrogen and hydrogen units, crude and product tankages and water line to different companies.
IOC is setting up a 15-million tonne refinery which is expected to go on-stream by end-2012.
The nitrogen and hydrogen units are being constructed by US based Praxair. The company is to build a hydrogen plant with a capacity of 90 million standard cubic ft a day and a nitrogen plant of 500 tpd capacity.
The crude and product tankages are likely to be constructed by IOT Infrastructure & Energy Services, a JV company of IOC and Oiltanking GmbH. These companies will operate the units for 15 years.