The Indian Oil Corporation (IOC) intends to commence crude oil processing at its Paradip refinery located in Jagatsingpur district of Odisha, by August-September 2014.
The Paradip oil refinery has a capacity of 3,00,000 bpd. IOC is looking to run the Paradip refinery, which will have only one crude distillation unit, at a capacity of 60 per cent in 2014, and by 2015 the company is planning to run the refinery at 100 per cent capacity.
Apart from this, the company will raise $1.65 billion (approx Rs 9,708 crore) debt in the overseas market in FY15. The company is looking to raise $900 million (approx Rs 5,295.6 crore) through external commercial borrowings to replace short-term costlier loan while another $750 million (approx Rs 4,413 crore) debt will be raised over FY15.
Also, IOC will invest Rs 16,600 crore toward business expansion in FY15.
Related Link:
Project profile