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IOC earmarks an investment of Rs 11,000 crore in current financial year: Report

28 May 2013 Evaluate

Indian Oil Corporation (IOC) has reportedly earmarked an investment of Rs 11,000 crore in the current financial year, on projects in the refinery, marketing, pipeline and petrochemical divisions. A major chunk of this investment, about Rs 5,000 crore, would go to the Paradip refinery. The company plans to commission the delayed coker unit, atmospheric vacuum unit and diesel hydrotreater in the next few months.

The company also plans to spend Rs 300 crore in up-gradation of its Mathura refinery in Uttar Pradesh (UP), by revamping its FCCU (fluidised catalytic cracking unit) from 1.3 million tonnes per year to 1.5 million tonnes per year. It plans to spend another Rs 300 crore on its Ennore LNG project aiming to complete it by 2016. In petrochemicals, IOC plans to spend around Rs 360 crore to set up an acetic acid factory in Gujarat. Further, the company has earmarked another Rs 1,300 crore to be invested in three cross-country gas pipelines over the next one year.

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.

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