IOC to invest Rs 1.4 lakh crore to double refining capacity The company currently owns and operates 11 out of the country’s 23 refineries. Its refineries have a total capacity of 80.7 million tonnes per annum.

India’s biggest oil firm IOC today said it plans to invest about Rs 1.43 lakh crore to nearly double its oil refining capacity to 150 million tonnes and boost petrochemical production by 2030.indian-oil-ioc-oil-crude-770x433

While Indian Oil Corp (IOC) is expanding refining capacity to meet fuel demand, which is expected to nearly double by 2040, it does not want to remain “a refining company alone and is thus venturing into petrochemicals and alternative fuels as well,” company’s Director (Refineries) B V Rama Gopal told reporters here.

The company currently owns and operates 11 out of the country’s 23 refineries. Its refineries have a total capacity of 80.7 million tonnes per annum.

IOC is investing Rs 16,628 crore in upgrading its refineries to produce Euro-VI emission norm compliant petrol and diesel as against Euro-IV fuel being produced now. This investment cycle would be completed by 2020, he said.

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