India: Plant Engineering IOC to Invest 4.46 Billion Dollars for Expanding Panipat Refinery
The Indian Oil Corporation (IOC) has plans to expand the refining capacity of its Panipat refinery by 60 % in India. The company also intends to install catalytic dewaxing and polypropylene units at its refinery.
New Delhi/India – Indian Oil Corporation (IOC) will invest 4.46 billion dollars to raise the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024, the country's top refiner said.
India, the world's third biggest oil importer and consumer, aims to expand its 5 million bpd refining capacity by 60 % to meet rising local demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector.
Along with expanding capacity, IOC will install catalytic dewaxing and polypropylene units at its Panipat refinery in northern Punjab state, it said in a statement.
IOC said expansion of the refinery would raise production of petrochemicals and value-added specialty products to improve its margins and help "de-risk the conventional fuel business of the company".
To meet India's growing energy demand, oil minister Dharmendra Pradhan is seeking 175 acres of land in eastern West Bengal for expansion of IOC's 160,000-bpd Haldia refinery, IOC said.