Indian Oil Corporation (IOC) has drawn an investment plan of over Rs 60,000 crore in order to raise its refining capacity from the present 60.2 to 80 million tpa by 2011-12.

IOC is investing Rs 29,777 crore in setting up a new 15 million tons a year refinery at Paradip in Orissa. The company is raising the Panipat refinery capacity from 12 to 15 million tpa at a cost of Rs 1,007.83 crore.

Another Rs 1,131 crore is being spent on a project to improve petrol quality at Panipat refinery. Similar projects are reportedly being implemented at company's refineries at Barauni (Rs 1,492 crore), Guwahati (Rs 372 crore), Digboi (Rs 356 crore) and Mathura (Rs 348 crore) refineries.

A residue upgradation and petrol/diesel quality improvement project at the Gujarat refinery is likely to cost another Rs 5,882 crore, while diesel quality improvement and capacity expansion at the Haldia refinery from 6 to 7.5 million tpa will entail an investment of Rs 2,869 crore.

IOC's Naphtha Cracker and Polymer complex adjacent to the Panipat refinery is being set up at a cost of Rs 14,439 crore.

Also See:

IOC to commence work on Paradip refinery in FY11 (17-Jun-09)