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Indian Oil Corporation to invest Rs 1.5 lakh crore in 7 years for expanding refineries

Industry Petroleum & Natural Gas

Indian Oil Corp is planning to invest Rs 1.5 lakh crore, including Rs 50,000 crore for expanding its existing brownfield refineries, in the next five to seven years. The investment would be used to expand its Gujarat oil refinery unit to 18 million tonnes from the present 13.7 MT, Mathura to eight million tonnes in two phases, Panipat to 20 MT from the present 15 million tonnes and Barauni to nine million tonnes in two phases from the present six million tones. Besides, the new refinery in Paradip, with a capacity of 11 million tonnes, will commence operation by Nov’15.

Extracted from ET, Sep 25,’15

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