Indian Oil Corporation to invest Rs.1.75 lakh cr to expand
Indian Oil Corporation (IOC), India’s largest oil firm, will invest Rs.1.75 lakh crore over the next seven years on expanding refinery capacity, building petrochemical plants and laying pipelines, a company official said. The plan includes spending Rs.34,555 crore in the 15 million tonnes a year from Paradip oil refinery in Odisha that has recently started producing fuel. Besides, the refinery expansion projects planned include raising Panipat refinery capacity to 20.2 million tonnes from 15 million tonnes currently at a cost of Rs.15,000 crore and raising capacity at Koyali, Mathura and Barauni units by 2020, the official said. Paradip has started producing fuel and helped IOC regain the top refinery slot in the country, the official said. Prior to Paradip, its eight refineries had a cumulative capacity of 54.2 million tonnes of crude oil. Paradip helped IOC overtake Reliance Industries, which has twin refineries at Jamnagar in Gujarat with a capacity of 62 million tonnes.