IOC to invest Rs 5,000 cr in Haldia plant

State-owned Indian Oil Corporation would pump in Rs 5,000 crore to ramp up capacity of its Haldia Refinery for which most of the land has been acquired.

"IOC will invest Rs 5,000 crore to increase the capacity of Haldia refinery from the present 5 million tonnes to 7.5 million tonnes," company Chairman S Behuria said here today.

"Apart from the expansion, a new plant for making paraxylene, raw material for MCC PTA, would also be set up," Behuria told reporters on the sidelines of the National HRD summit.

Stating that the company would require 86 acres for undertaking the capacity expansion, Behuria said that most of the land has been acquired.

Turning to the spiralling prices of crude, Behuria said that IOC suffered Rs 120 crore under recovery per day on account of it.

He also sought more liberisation from the government in the oil and gas sector like pricing.