State-run Indian Oil Corporation (IOC), the country’s biggest refiner is planning to expand capacity by 87% to 2.46 million barrels per day (bpd) by 2020-21. At present, IOC and its subsidiary - Chennai Petroleum together control half of India’s 20 refineries with a capacity of 1.314 million bpd.
IOC controls a third of India’s refining capacity and plans to commission a 300,000 bpd refinery at Paradip in the eastern Orissa state next year. The company is also exploring building a 300,000 bpd plant in western India, seeking to meet growing fuel demand as Asia's third-largest economy expands at about 8%.
Further, IOC plans to boost the capacity of its 274,000 bpd Koyali refinery in Gujarat to 360,000 bpd by 2016-17 and to 460,000 bpd by 2020-2021.
The company reported a net loss of Rs 7485.50 crore for the second quarter as compared to a net profit of Rs 5293.95 crore for the corresponding quarter of the previous year. However, the company’s total income increased by 14.78% at Rs 89769.60 crore for the second quarter of the current fiscal from Rs 78208.14 crore for the corresponding quarter of the previous year.
