Indian Oil Corporation (IOC) has received its board approval for Rs 15,034 crore investment to expand its Gujarat refinery by 2022. Expansion of capacity of the refinery at Vadodara from existing 13.7 million tons to 18 million tons would help meet the growing demand for products in the region. The project involves replacing some of the decades-old units that being old in design and small in capacity were no longer energy-efficient.
Indian Oil Corporation (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.