IOC To Invest Rs 7,812 Crore For Expansion
Indian Oil Corp (IOC), the nation’s largest oil firm, said it will invest Rs 7,812 crore in fuel quality up-gradation projects at two key refineries as well as other expansion projects. The Board of state-owned company last week approved an investment of Rs 1,843 crore in upgrading the 13.7 million tons Koyali refinery in Gujarat to produce Euro-IV complaint petrol and diesel. Another, Rs 1,327 crore will be spent on similar fuel quality upgradation project at Barauni refinery in Bihar, IOC said. The Board on February 13 also approved “setting up of ethylene glycol project along with associated facilities at Paradip (in Odisha) at an estimated project cost of Rs 3,752 crore,” IOC added.