Kolkata : Indian Oil Corporation, the country’s largest refiner, Saturday said its 350-km crude oil pipeline from Paradip to Haldia in eastern India will be operational in three to four weeks.
The pipeline costing Rs.11.78 billion will help in pumping crude from vessels anchoring at Paradip in Orissa to Haldia in West Bengal and curtail transportation costs.
The firm also plans to scout for foreign partners to bid for exploration of new oil blocks in India, its chairman S. Behuria told reporters at the International Business School Meet at the Indian Institute of Management (IIM), Calcutta.
“India wants more foreign participation as it readies for licensing of new oil blocks for exploration for the seventh time,” he said.
Foreign companies were expected to participate in the showcasing of new oil blocks on Jan 8, he said.
Indian Oil also plans to send its officials abroad to explore partnership opportunities, he said.
It also plans to bid as operator for small blocks on relaxation of terms under the New Exploration Licensing Policy, he added.