(ET)
Indian Oil Corp has been losing Rs 1 crore daily since mid-Feb due to public agitation in Kerala that has held back progress on its planned Rs 2,200 crore Liquefied petroleum gas (LPG) import terminal and pipeline project, the company said in a statement on Tuesday.
Indian Oil’s project comprising an LPG import Terminal at Kochi, an LPG pipeline between Kochi and Salem, and a bulk terminal at Palakkad, is aimed at increasing cooking gas supply in Kerala. The terminal, planned to be built close to where Petronet LNGBSE 1.75 % has a Liquefied natural gas import terminal in Kochi, has been accused by protesters of being unsafe for people living in the vicinity.
“The project not only has all the necessary approvals in place but is designed to conform to global standards of safety,” Indian Oil said in a statement. “The terminal will store LPG in mounded vessels, which are considered the safest in the industry worldwide.
