Indian Oil Corp is aiming to invest 329.46 billion rupees to increase the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024, the refiner said on Friday.
“Along with expanding capacity, IOC will also install catalytic dewaxing and polypropylene units at its Panipat refinery in northern Punjab state,” it added.
IOC said expansion of the refinery would raise production of petrochemicals and value-added specialty products to improve its margins and help “de-risk the conventional fuel business of the company”.
“To meet India’s growing energy demand, oil minister Dharmendra Pradhan is seeking 175 acres of land in eastern West Bengal state for expansion of IOC’s 160,000-bpd Haldia refinery,” IOC further informed.
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