NRL completed project insurance for its ongoing Refinery Expansion Project

NRL completed project insurance for its ongoing Refinery Expansion Project

NRL completed project insurance for its ongoing Refinery Expansion Project

Mumbai: Numaligarh Refinery Limited (NRL) has finalized the project insurance coverage for its ongoing 6 MMTPA integrated Refinery Expansion project being implemented an estimated cost of more than Rs. 28,000 Crore.

The signed policy handover ceremony with insurers led by The New India Assurance company limited was held in  Mumbai on 10th January 2021.  The policy documents were handed over to Director (Finance) NRL, Mr. Indranil Mittra by GM New India Assurance Co. Ltd., Mr. JitenderMehndiratta. The event was attended by senior officials from the Lead insurer, The New India Assurance Co. Ltd., and member co-insurers, representatives, consultants, and other stakeholders.

The policy provides comprehensive coverage to both the refinery expansion as well as the cross-country pipeline (length 1640 Km) from Paradip, Odisha to Numaligarh along with a Crude Oil Import Terminal at Paradip, Odisha for receipt of imported Crude Oil. The ambit of the policy also includes the interests of various stakeholders such as Contractors, Subcontractors, manufacturers, suppliers, vendors, lenders, consultants, and other professionals involved in the Project.

The Policy will cover the entire project period upto April 2025, during which the project is expected to be completed and commissioned. 

Numaligarh Refinery Expansion Project is a prestigious and landmark project in the NE Region to treble the Refining capacity from 3 MMTPA to 9 MMTPA and is being pursued as part of the Government of India's NE Hydrocarbon Vision 2030.