IOC to invest Rs. 15,000 cr to raise Panipat refinery capacity.

Indian Oil Corp, nation's largest oil firm, plans to invest about Rs. 15,000 crore in raising capacity at its Panipat refinery in Haryana by 34 per cent to 20.2 million tonnes (MT) by 2020.

'We are doing preliminary studies for expanding Panipat refinery capacity,' a senior company official said. 'The expansion will take at least five years and investment may be of the order of Rs. 15,000 crore. We will get a firm fix on the numbers once studies are completed.'

IOC owns and operates eight refineries and has only a few weeks back added ninth refinery at Paradip in Odisha. Its eight refineries have a cumulative refining capacity of 54.2 MT of crude oil and addition of 15 MT at Paradip refinery has helped it regain the top refiner slot in the country.


BS