Indian Oil Corporation (IOC) has reportedly began crude processing at its 300,000 barrel per day (bpd) Paradip refinery and aiming to fully commission the plant in six months. Output from the $5.2 billion Paradip refinery will compete with rising supplies of fuels from new and expanded plants in the Middle East and China, putting pressure on the profit margins of Asian refiners.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.