IOC forms core group
Indian Oil Corporation (IOC) has formed a core group at the corporate level to spearhead its plans for large scale production of bio diesel in the country.
By TNN |
KOLKATA: Indian Oil Corporation (IOC) has formed a core group at the corporate level to spearhead its plans for large scale production of bio diesel in the country. The team will examine feasibility of IOC’s proposed foray, following which IOC is due to initiate talks with state governments for acquiring large tracts of land on lease to unertake jatropha cultivation.
"We will be have a clear picture on this in about six months", chairman Mr Sarthak Behuria said.
He was speaking to newspersons after IBP & Co.'s 98th annual general meeting in the city on Wednesday.
"We are conducting some R&D on this to ascertain the kind of seeds that will be required and other details about the the venture. IOC is looking at all aspects of production -- from buying quality seeds, yield and planting of jatropha to selling of bio-diesel. We are also talking to people who are in the agro business to get an idea about it," Mr Behuria added.
"Following this, IOC would approach the state governments to acquire large areas of land for planting jatropha, Mr Behuria said. However, we would prefer to take up land on lease, rather than purchase it," he added.
IOC is also planning to bid for blocks in the upcoming New Exploration Licensing Policy-VI (NELP). However unlike the earlier NELP rounds, IOCs stake in these rounds will be much higher since it is planning to enter the fray as an operator rather than restricting itself only as a farm in partner in a oil block.
"We will be have a clear picture on this in about six months", chairman Mr Sarthak Behuria said.
He was speaking to newspersons after IBP & Co.'s 98th annual general meeting in the city on Wednesday.
"We are conducting some R&D on this to ascertain the kind of seeds that will be required and other details about the the venture. IOC is looking at all aspects of production -- from buying quality seeds, yield and planting of jatropha to selling of bio-diesel. We are also talking to people who are in the agro business to get an idea about it," Mr Behuria added.
"Following this, IOC would approach the state governments to acquire large areas of land for planting jatropha, Mr Behuria said. However, we would prefer to take up land on lease, rather than purchase it," he added.
IOC is also planning to bid for blocks in the upcoming New Exploration Licensing Policy-VI (NELP). However unlike the earlier NELP rounds, IOCs stake in these rounds will be much higher since it is planning to enter the fray as an operator rather than restricting itself only as a farm in partner in a oil block.
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