Indian Oil Corporation (IOC) has received its board’s approval for installation of 2nd Catalytic De-waxing Unit at Haldia Refinery at an estimated cost of Rs 1126 crore. The unit would produce Grade-II & III Lube Oil base stock.
The company has also received its board’s approval for installation of Ethanol Plant using Gas Fermentation Technology of LanzaTech USA at Panipat Refinery at an estimated cost of Rs 441 crore.
The company’s board gave approval for acquisition of upto 50% equity in GSPL LNG, which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat. The approval is subject to due diligence which would be carried out in due course.
Further, the company has received its board’s approval for expansion of the corporation’s Gujarat Refinery from the existing 13.7 to 18 Million Metric Tonnes Per Annum (MMTPA) of crude oil processing capacity at an estimated cost of Rs 15,034 crore. The project is to augment the Refinery’s capacity by 4.3 MMTPA.
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.
