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The Union Minister of Petroleum & Natural Gas, Veerappa Moily, rushed to the site of the fire incident at IOC’s Hazira Terminal this noon to take stock of the situation. Mr. RS Butola, Chairman, IOC; M Nene, Director (Marketing), IOC; Mr. Jayprakash Shivhare, District Collector, Surat; and Mr. Sudhir Vasudeva, CMD, ONGC; were present.
The fire which broke out in the Motor Spirit (MS) tank of IOC’s bulk storage terminal at Hazira yesterday afternoon has been fully contained now and is only smoldering. All other tanks are safe.
While addressing media persons at the site, the Hon’ble Minister announced a compensation of Rs. 5 lakh each from IOC for the families of the three deceased in the fire.
The Minister announced that while the fire incident did not have any adverse effect on the environment, IOC is likely to suffer a loss of approximately Rs. 35 crore on the product and Rs. 10 crore on account of damage to infrastructure. He also added that appropriate action will be taken in the matter after a thorough investigation.
The Minister complimented the coordinated efforts of the district administration, the local fire services, IOC personnel and teams from all the nearby industries, all of whom pitched in together to combat the fire. He said that it was the excellent coordinated effort of all that had resulted in dousing the fire within a short time. The incident was a good example of how disaster management systems should be in place, he added.
The high-level team constituted by IndianOil to investigate the cause of the fire is likely to submit its report by Jan. 20, 2013.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.