Gujarat refinery to complete mega project by 2010

Indias Gujarat Refinery is planning to complete a mega project to upgrade the quality of petrol and diesel fuel equivalent to Euro III and IV grade by March 2010. On January 29, 2007, the Indian Oil Corporation board approved the Rs5,693 crore (US$1.34 billion) project that also envisages to improve the distillate yield by around 7% through residue upgrade and replacement of 100% low-sulfur imported crude oil with cheaper high sulfur crude oil. In December 2007, the board also approved to prepare a Detailed Feasibility Report (DFR) for the production of paraxylene to the tune of 3.70 lakh (370,000) tons a year at Gujarat Refinery from naphtha, since potential exists for merchant sale in the Asia-Pacific Region, as well as domestic requirement. (May 1, 2008)