Indian Oil scales up refinery expansion

NEW DELHI, October 4, 2016 – Indian Oil Corporation (IOC) has amended its expansion plan for the Panipat refinery, increasing capacity beyond its previously planned level, the company’s director of refineries said on Tuesday.

Capacity of the refinery, the biggest-such facility in northern India, will be increased to some 500,000 bpd, up from around 300,000 bpd at present. IOC’s original plan called for an expansion to around 405,000 bpd. The revision is part of the company’s plan to reach a refining capacity of 2.1 million bpd by 2022. IOC has earmarked more than USD 6 billion for the expansion drive.

Speaking in New Delhi, Sanjiv Singh said, “Fuel demand growth has been very strong and India’s excess capacity is very small.” IOC’s Panipat expansion project will take 42 months to complete, he added.

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