State-owned Indian Oil Corp (IOC) today said its board has approved Rs 15,034 crore investment to expand its Gujarat refinery by 2022.
Expansion of capacity of refinery at Vadodara from existing 13.7 million tons to 18 million tons would “help meet the growing demand for products in the region,” the company said in a statement.
The project involves replacing some of decades-old units that being old in design and small in capacity were no longer energy-efficient.
IOC Chairman Sanjiv Singh said the new refinery configuration proposed will take into account the likely disruptions in the fuel supply-demand scenario in the future and will have built-in flexibility in its operations for strong integration with downstream petrochemical units. Read More…
Credit By : The Economics Times
Latest posts by The Economic Times (see all)
- Indian Oil plans to invest Rs 1,387 crore in Andhra Pradesh - May 25, 2018
- Oil Prices And US Interest Rates Control Rupee’s Fate - May 25, 2018
- Retro Karnataka Charges Irk Green Power Companies - May 24, 2018