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The Board of Directors of Indian Oil Corporation Ltd on Friday has approved an investment of ₹32,946 crore to expand the Panipat refinery capacity from 15 MMTPA to 25 MMTPA and the installation of a polypropylene unit and catalytic dewaxing unit. IndianOil said this in a BSE filing.
The project is expected to be commissioned by September 2024. “The capacity expansion would improve the operational flexibility of the refinery to meet the domestic energy demand and would also enhance the petrochemicals intensity,” it said.
“The increased production of petrochemicals and value-added specialty products would not only improve the margins but also de-risk the conventional fuel business of the company,” it added.
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