IOC to spend Rs 20,000 cr in expansion of its Guj refinery

Union Minister Dharmendra Pradhan today said PSU major Indian Oil Corporation was going to spend Rs 20,000 crore for brownfield expansion of its refinery near here.
"IOC's Gujarat Refinery here has been asked to jump directly from BS IV to the more stringent BS VI norms for petrol and diesel, so that cleaner transport fuels become available sooner to bring down vehicular emissions," the Union Minister of State for Petroleum and Natural Gas said after visiting the refinery.
He told PTI that the Gujarat Refinery was expanding capacity to 18 million tonnes per annum (MTPA) from the existing 13.7 MTPA. The expansion is expected to be commissioned in 2020.

"After the expansion, it will become the refinery with largest capacity for the company," the Union Minister said.
Pradhan also said he would be visiting Iran on April 9, and was looking to expand energy ties with that country.
The agenda of the visit includes ONGC's participation in developing the Farzad-b gas field, buying additional crude oil and settling pending payments for earlier oil purchased from Iran, he said.

"I will also discuss projects including petrochemicals and fertiliser plants in the special economic zone at Chabahar port in Iran," he said.
External Affairs Minister Sushma Swaraj will visit Iran later this month, he said.

With changes in the geopolitical situation, India is in a better position to source natural gas and LPG from Iran and oil and gas from Russia, he said.
The Minister also said that "as part of India's drive
towards self-sufficiency, the Centre is considering to incentivise gas production from deep-water, ultra deep-water and high pressure-high temperature areas, which are presently not exploited on account of higher cost and higher risks.
"It is the desire of the PM to reduce import of crude oil by 10 per cent by 2022 when country will be celebrating its 75th independence day on August 15 2022," he added.