New Delhi : India’s largest state-run refiner, Indian Oil Corp, is planning to ramp up its capacity by over 30 percent in two years with an investment of Rs.60,000 crore ($12.5 billion), a top official said Tuesday.
Indian Oil’s director (refineries) B.N. Bankapur said at the inauguration of the golden jubilee celebrations at the refineries headquarters here that the target was to scale up the refining capacity from the current 60.2 million tonnes per annum (mtpa) to 80 mtpa by 2011-12.
There will be a investment of over Rs.60,000 crore, out of which nearly one-third, Rs.29,770 crore will be spent on Paradip refinery.
Besides, Rs.14,400 crore will be spent on the naptha cracker and polymer complex at Panipat.
This year alone, to mark golden jubilee year, Indian Oil will commission projects worth Rs.30,000 crore.