Indian Oil to double capacity by adding new units in the west coast

Indian Oil Corporation Ltd. (IOC), India’s biggest refiner, wants to double its crude refining installed capacity from 65.7 to 123 million tons per annum (mtpa) through expansion programs and by adding new greenfield units. In line with this goal, IOC said it may build its eighth refinery by 2021-22, either in Gujarat or Maharashta, with investments amounting to Rs30,000 crore (US$5.68 billion). The proposed refinery would be 15 mtpa, similar to the ones in Panipat and Paradip. IOC’s biggest single investment to date, costing Rs50,000 crore (US$9.46 billion) is the Paradip refinery. (November 17, 2011)