MOSCOW (MRC) -- India's largest refiner and oil marketing company Indian Oil to invest Rs7,812 crore for expansion IOC to invest Rs.1,843 crore in upgrading Koyali refinery in Gujarat to produce Euro-IV complaint fuel, Rs.1,327 crore to be spent on Barauni refinery in Bihar, as per Plastemart.
The board approved an investment of Rs.1,843 crore in upgrading the 13.7 mln tons Koyali refinery in Gujarat to produce Euro-IV complaint petrol an diesel. Another, Rs.1,327 crore will be spent on similar fuel quality upgradation project at Barauni refinery in Bihar.
The Borad approved setting up of ethylene glycol project along with associated facilities at Paradip (in Odisha) at an estimated project cost of Rs.3,752 crore.
The project would help in consolidating the glycol business of IOC by producing low cost mon-ethylene glycol based on refinery gas.
As MRC wrote before, Indian Oil Corporation's Rs 34,555-crore 15 million tonnes per annum Paradip Refinery will be commissioned in phases from March 2015 onwards. Indian Oil Corporation is conducting feasibility studies to set up a petrochemical complex at Paradip in Odisha for Rs 20,000 crore. The petrochemical complex would be built in the vicinity of the company’s to-be-commissioned 15-mln tpa greenfield refinery at Paradip. The petrochemical complex would be in addition to the already announced Rs 3,150-crore polypropylene project at the same location, the foundation stone for which was laid by MOS for petroleum and natural gas.
Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
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