IOC keen to open another oil terminal in Karnataka

BENGALURU: In an attempt to cater to the demands of petroleum products including Petrol, Diesel, Kerosene and Liquified Petroleum Gas (LPG) from north Karnataka, Indian Oil Corporation (IOC) is planning to open another terminal in the state.
Speaking to TOI, DL Pramodh, executive director of IOC (Karnataka), said they were looking for 120-150 acres of land in Davanagere-Chitradurga region to set up another terminal as the demand for their products are growing day by day. “We are planning to invest around Rs 400-500 crore and already in talks with Karnataka Industrial Areas Development Board (KIADB). This will not just cater better but also will lessen the burden on Bengaluru’s Devanagonthi terminal located near Hoskote which sells around five million tonnes annually,” he said.
According to IOC, the 92 acre terminal situated on the outskirts of Bengaluru caters to 30% of the Karnataka’s demand for petroleum products. The company said, “Presently, we sell about five millions tonnes of fuel in Karnataka annually and have a market participation of 44%.