IOC to review greenfield expansion projects in refining segment: Chairman

Vaidya also added as part of the company's long-term strategy, it was looking to enhance petrochemicals integration to about 14 to 15 per cent of Petrochemical Intensity Index (PII) by the year 2030

State-run Indian Oil Corporation (IOC) on Monday said it will review all its greenfield expansion projects in the refining segment, with the Covid-19 pandemic impacting fuel demand. The refiner said it plans to boost its petrochemical intensity to help protect against volatility.

IOC’s board on Monday also approved an integration plan for its petrochemical and lube facilities at its Gujarat refinery at an estimated cost of Rs 17,825 crore.

IOC Chairman S M Vaidya said, “We are also reworking the demand supply dynamics and will review all our greenfield expansion projects.” The company, however, does not plan to revise its planned capital