TIL Desk/Business/New Delhi/ State-run Indian Oil Corp (IOC) has announced plans to invest about Rs 1.43 lakh crore towards increasing its refining capacity to 150 million tonnes (MT) by 2030, even as the public undertaking said it aims to change its profile of being “a refining company alone” to becoming an energy corporation.
Talking to reporters here after taking charge last month as IOC Director (Refineries), B.V. Rama Gopal also said that the company is investing Rs 16,628 crore in upgrading its refineries to produce Euro-VI emission norm compliant petrol and diesel, instead of the currently used BS-IV, which is slated to be implemented in Delhi from Sunday.
Besides this, “IOC is investing Rs 15,600 crore in expansion of petrochemical projects and another Rs 74,600 crore in raising the capacity of its existing refineries,” Rama Gopal said, making for capital expenditure of Rs 1.06 lakh crore over a five-year period.
The Director also said another Rs 36,500 crore worth of projects are in pipeline, which are yet to be approved by the Indian Oil board. According to a statement, the company plans to raise the capacity of its Panipat refinery in Haryana to 25 million tonnes per annum (MTPA) from the current 15 MTPA, while its Koyali refinery in Gujarat would be expanded to 18 MTPA from 13.7 MTPA.
