IOC unveils expansion plans

To meet India’s growing energy requirements and to export refined petroleum products, the Indian Oil Corporation (IOC) has targeted doubling its refining capacity to 80 million metric tons per annum by 2011-2012. IOC aspires to grow from a US$41 billion turnover company today to US$60 billion by 2011-2012 with well-coordinated strategic plans, including clear blueprints for investments to the tune of US$12 billion mainly in integration and diversification projects, refinery expansions, product quality upgrades and retail operations. IOC currently has seven refineries with a combined capacity of more than 41 million tons. It plans to build a new 15-million-ton refinery at Paradip in Orissa and double Panipat refinery’s capacity to 12 million tons. (October 3, 2006)