NRL signs Rs 18,904-crore loan agreements with banks led by SBI

GUWAHATI: 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 a consortium of 12 lender banks led by State Bank of India.

Senior officials from all the member consortium banks, representatives from Oil India Limited, the Government of Assam and other stakeholders were present at the loan agreement signing ceremony here today. This is the largest fundraising by a single borrower in Northeast India.

OIL CMD and NRL Chairman SC Mishra, in his audio-visual message, extended his best wishes on this momentous occasion and also committed to extending continuous support for this endeavour.

SBI Chairman Dinesh Kumar Khara expressed his delight in being the lead banker in fuelling the growth story of the northeast through the Numaligarh Refinery Expansion Project.

NRL Director (Finance) I Mittra described the event as historic for NRL as it inked the financial closure to the largest project being implemented by a corporate to date in Northeast India, in record time. NRL Managing Director SK Barua congratulated all the bankers for being a part of a growth story that is expected to change the developmental landscape of Northeast India.

NRL is pursuing a mega integrated refinery capacity expansion project to treble its refining capacity from 3 MMTPA to 9 MMTPA for Rs 28,026 crore. As a part of the project, the 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 one in the NE region and is being pursued as part of the Government of India's NE Hydrocarbon Vision 2030. The project will significantly contribute to the fulfilment of the country's growing demand for hydrocarbon products and the development of the entire North-Eastern region. Further the project shall secure the availability of crude oil feedstock for Northeast-based refineries and enable the export of hydrocarbon products to the neighbouring countries. NRL, along with OIL and EIL and strong support from the Assam government, will be able to achieve tremendous synergy and contribute immensely towards ensuring energy security of the nation and achieving the targets set by the MoPNG, a press release said.

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