Essar Projects bags Rs 1,400 cr IOC contract
New Delhi   23-Nov-2010

Essar Projects (EPIL) on Monday said it has bagged a contract valued at Rs 1,400 crore from IndianOil (IOC).

The company emerged as the winner against stiff international competition.

With this contract, the current order-book size of Essar Projects is in excess of $5.5 billion, a press release issued here stated.

IOC is setting up a 15 million tonnes per annum refinery in Paradip, Orissa, and has mandated EPIL for the lump sum turnkey (LSTK) package A for the main refinery units.

The first phase of the project is scheduled to be completed in 17 months, and will play an important part in satisfying the rising domestic demand for fuel.

Essar Projects CEO Alwyn Bowden said: "Essar Projects has made its mark in the power and oil & gas sector as a preferred EPC partner for over four decades. This order by IOC further endorses our capa bilities in executing critical and crucial projects.

With an explosive growth predicted for the EPC market in India in coming years, the company is well-poised to capture the potential."

The scope for this IOC contract includes residual process design, detailed engineering, procurement, construction, commissioning and performance testing of core process units of the refinery. These include atmospheric vacuum unit, straight run LPG treating unit, naphtha hydro treating, naphtha fractionator unit, continuous catalytic reforming unit, sour water stripper unit and amine regeneration unit.

EPIL is one of the verticals of Essar Group, which is a multinational conglomerate and a leading player in steel, oil and gas, power, communications, shipping, ports and logistics, projects and minerals sectors.