NRL achieves financial closure of Rs. 18,904 Crore for its 6 MMTPA expansion project.

AZIR KHOBOR, GUWAHATI, 31 DEC: NRL has achieved financial closure for its upcoming 6 MMTPA refinery expansion project by tying up for a project debt of Rs. 18,904 Crore with consortium of 12 lender banks led by State Bank of India.

 

The loan agreement signing ceremony was held in Guwahati on December 30, 2021 and attended by senior officials from all the member consortium banks, representatives from Oil India Limited,

Government of Assam and other stakeholders. This is the largest fund raising by a single borrower in North East India.

 

CMD OIL & Chairman NRL Mr. S C Mishra NRL in his Audio Visual message extended his best wishes on this momentous occasion and also committed to extend continuous support for this endeavour.

 

SBI Chairman Mr. Dinesh Kumar Khara in his audio visual message expressed his delight in being the lead banker in fuelling the growth story of North East through Numaligarh Refinery Expansion Project.

 

Director ( Finance ) NRL Mr. I Mittra described the event as historic day for NRL as it has inked the financial closure to the largest project being implemented by a Corporate till date in the North East Region of India, in record time.

 

Managing Director NRL Mr. S K Barua congratulated all the bankers for being a part of a growth story which is expected to change the developmental landscape of North East India.

 

Director Technical NRL Mr. B J Phukan thanked all bankers for reposing faith in NRL & informed that NRL is adopting smarter ways to implement the project & monitor its progress.

NRL is pursuing a mega integrated refinery capacity expansion project to treble its refining capacity from 3 MMTPA to 9 MMTPA at a cost of Rs. 28,026 Crore. As a part of the project, company is also laying a crude oil pipeline (approx. length 1640 Km) from Paradip, Odisha to Numaligarh along with a Crude Oil Import Terminal at Paradip for receipt of Imported Crude.

 

The Project is a prestigious and landmark project in the NE Region and is being pursued as part of GOI’s NE Hydrocarbon Vision 2030. The project will significantly contribute to fulfilment of country’s growing demand for hydrocarbon products and development of the entire North Eastern region. Further the project shall secure availability of crude oil feedstock for North East based Refineries and enable export of hydrocarbon products neighboring countries. NRL along with OIL and EIL and strong support from Govt. of Assam will be able to achieve tremendous synergy and contribute immensely towards ensuring energy security of the Nation and achieve the targets set by the MoPNG.