Prime Minister Narendra Modi on Sunday dedicated to the nation the Integrated Refinery Expansion Complex by the Bharat Petroleum Corporation Limited (BPCL) and laid the foundation stone for a petrochemical complex at Kochi Refinery.
This marks the successful culmination of the ₹16,504-crore Integrated Refinery Expansion project (IREP) conceptualised to transform Kochi Refinery into a world-class facility.
India, which is the second largest refiner in Asia, is emerging a refinery hub with supply exceeding demand, said Modi. The government has taken steps to trim imports by 10 per cent, he added.
The PM also inaugurated Indian Oil Corporation’s Mounted Storage Vessel at its Kochi bottling plant.
According to Petroleum Minister Dharmendra Pradhan, the IREP was meant to meet the growing energy needs of South India. Kerala Governor P Sathasivam and CM Pinarayi Vijayan were also also present.