New Delhi:State-owned Indian Oil Corporation (IOC) on Thursday said it will buy a 4% stake in bio-based gas fermentation technology firm LanzaTech New Zealand for $20 million.

Besides approving the stake buying, the Board of the company also approved projects worth Rs7,871 crore.

“The Board has approved acquisition of minority stake (4%) in the LanzaTech New Zealand Ltd amounting to $20 million through its wholly owned subsidiary in Singapore, IOC Singapore Pte Ltd," the company said in a regulatory filing.

Registered in New Zealand LanzaTech is global leader in bio-based gas fermentation technology and provides novel and economic technologies for production of ethanol and other value chemicals from industrial off-gases of steel mills and petroleum refineries.

Among the projects approved included a Rs3,380 crore project to produce Euro-VI grade petrol and diesel at IOC’s Gujarat refinery at an estimated cost of Rs3,380 crore.

It also approved raising capacity of Kandla LPG import terminal in Gujarat from 0.6 million tonnes per annum to 2.5 million tonnes at a cost of Rs588 crore.

“The augmentation would help in bridging the gap in supply-demand of LPG in northern and western India," it said.

Also, a crude oil pipeline from Haldia in West Bengal to Barauni in Bihar would be laid at Rs3,217 crore.

“The project would enable to meet the increased crude oil requirement of Barauni refinery," IOC said. Also, capacity of Mathura-Tundla product pipeline would be increased and it connected to Barauni-Kanpur line at a cost of Rs686 crore.

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