IOC to invest over Rs 60,000 cr for capacity expansion

State-run Indian Oil Corporation (IOC) plans an investment of over Rs 60,000 crore in raising its refining capacity to 80 million tonnes per annum by 2011-12 from 60.2 million tonnes at present, company's Director (Refineries) B N Bankapur said.

IOC is investing Rs 29,777 crore in setting up a new 15 million tonnes a year refinery at Paradip in Orissa, he said at the inauguration of the company's Golden Jubilee Celebration at the refineries headquarters here today.

Besides, Panipat refinery capacity is being raised from 12 to 15 million tonnes per annum at a cost of Rs 1,007.83 crore. Another Rs 1,131 crore is being spent on a project to improve petrol quality at Panipat refinery.

Similar petrol quality improvement projects are being implemented at company's refineries at Barauni (Rs 1,492 crore), Guwahati (Rs 372 crore), Digboi (Rs 356 crore) and Mathura (Rs 348 crore) refineries, he said.

Residue upgradation and petrol/diesel quality improvement project at the Gujarat refinery would cost another Rs 5,882 crore, while diesel quality improvement and capacity expansion at the Haldia refinery from 6 to 7.5 million tonnes would be done at an investment of Rs 2,869 crore.

He said a Naphtha Cracker and Polymer complex adjacent to the Panipat refinery is being set up at Rs 14,439 crore investment.