After visiting the IOC terminal where a storage tank was engulfed in a major fire, Union Petroleum and Natural Gas Minister Veerappa Moily today said a high-level investigation into the incident has been ordered and a report is expected by January 20.
Two persons were killed in the fire in storage tank number four of IOC terminal in Hazira which was contained after a 21-hour operation by the fire brigade team.
Moily appreciated the work of local administration, fire brigade and other public and private sector companies for the massive disaster management operation and containing the fire which had started yesterday afternoon.
He said petrol worth Rs 35 crore has been burnt and another Rs 10 crore loss of infrastructure has also been reported in the blaze.
The Minister announced on behalf of IOC a compensation of Rs 5 lakh each to the kin of those who died in the incident.
"We have already ordered a high-level investigation into the matter and the report is expected by January 20," he told reporters after visiting the site.
"It is under investigation whether the fire was caused by human error or not, both by the district administration and a high-level inquiry. Everything will be investigated. No one will be spared if there is an error," he said.
"The fire has been contained. Even though the other tanks were situated just by the side of Tank No 4, the damage was controlled and contained. The fire was confined to only one tank," Moily said. .
IOC stock price
On November 26, 2015, Indian Oil Corporation closed at Rs 421.10, up Rs 2.85, or 0.68 percent. The 52-week high of the share was Rs 465.40 and the 52-week low was Rs 307.00.
The company's trailing 12-month (TTM) EPS was at Rs 40.18 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 10.48. The latest book value of the company is Rs 279.95 per share. At current value, the price-to-book value of the company is 1.50.
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