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IOC to invest Rs 60,000 cr on capex
Our Bureau
New Delhi, July 1 Indian Oil Corporation Ltd plans to invest over Rs 60,000 crore to scale up its refining capacity to 80 million tonnes per annum (mtpa) by 2011-12.
At the inauguration of IOC’s golden jubilee celebrations at the refineries headquarters of the company here on Tuesday, the IOC’s Director (Refineries), Mr B.N. Bankapur, said “the company plans to scale up its refining capacity to 80 mtpa by 2011-12 from its current 60.2 mtpa. To achieve this, IOC is implementing projects of over Rs 60,000 crore”.
The major projects include investment of Rs 29,777 crore in a 15-mtpa refinery at Paradip; capacity augmentation of Panipat refinery (from 12 to 15 mtpa, Rs 1,007.83 crore); MS quality improvement projects at Panipat (Rs 1,131 crore), Barauni (Rs 1,492 crore), Guwahati (Rs 372 crore), Digboi (Rs 356 crore) and Mathura (Rs 348 crore) refineries.Some of the other projects are residue upgradation and MS/HSD quality improvement project at Gujarat refinery (Rs 5,882 crore); diesel quality improvement and capacity expansion at Haldia refinery (from 6 to 7.5 mtpa, Rs 2,869 crore); and a naphtha cracker and polymer complex at Panipat (Rs 14,439 crore).
“Befitting Indian Oil’s golden jubilee celebrations, for the first time in the history of IOC, projects worth almost Rs 30,000 crore spread over all the refineries will be simultaneously commissioned this year,” Mr Bankapur added.
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