Punj Lloyd to upgrade IOC's Barauni refinery for Rs.649 crore
India's leading engineering and construction company Punj Lloyd said it has bagged a Rs.649 crore ($154.5 million) contract from Indian Oil Corporation (IOC) to help the state-run oil company upgrade its refinery in Barauni, Bihar.
The deal involves upgrading the refinery so that the quality of motor spirit (gasoline) being produced can meet Euro-III emission norms set for reducing vehicular pollution.
The scope of work includes setting up of a reformate splitter unit, naphtha hydrotreating unit, isomerization unit, nitrogen unit and a compressed air system among others.
The project will be complete by the second quarter of 2010, the company said in a regulatory filing.
Besides construction and engineering works, Punj Lloyd also has a license to make defense-related equipments for the Indian Government and has signed a collaboration agreement with Singapore Technologies Kinetics Ltd (ST Kinetics) for the manufacture of defense equipments.
ABOUT PUNJ LLOYD
Punj Lloyd Limited is a transnational company specializing in the energy and infrastructure sectors.
A specialist in Engineering, Procurement and Construction (EPC) services in the fields of Oil & Gas, Process, Civil Infrastructure, Thermal Power, Asset Management, and Telecom & Broadband, its operations spread across the Middle East, Africa, the Caspian, Asia Pacific and South Asia.
For the fiscal quarter ended March 31, 2008, Punj Lloyd posted a 35 percent rise in net profit to Rs.119.40 crore ($28.3 million) while for the full fiscal year (FY08), it posted a 83.65 percent jump in net profit to Rs.360 crore ($85.7 million).
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