IOC to invest Rs 1.75 lakh crore for expansion

In a bid to expand its refinery capacity, building petrochemical plants and laying pipelines, Indian Oil Corporation (IOC) is planning to invest Rs 1.75 lakh crore over the next seven years.

Of total, the company will spend Rs 34,555 crore in the 15 million tons a year from Paradip oil refinery in Odisha that has recently started producing fuel. Besides, the refinery expansion projects planned include raising Panipat refinery capacity to 20.2 million tons from 15 million tons currently at a cost of Rs 15,000 crore as well as raising capacity at Koyali, Mathura and Barauni units by 2020.

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.