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IOC considers deferring expansion of projects to sync them with demand

Thursday, 24 Sep 2020
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The Indian Oil Corporation (IOC) is looking to defer some of its refinery expansion projects to sync them with changes in demand patterns resulting from the pandemic and a gradual rise in the use of cleaner fuels.

IOC, which currently owns and operates 11 out of the country's 23 refineries, had plans to double the refining capacity to 150 million tpa by 2030 from 80.7 million tpa.

While the company is going ahead with expansion of Koyali refinery in Gujarat to 18 million tonne from 13.7 million tonne, the plan for raising the capacity of Panipat refinery in Haryana to 25 million tonne from 15 million tonne may be pushed back by a few years.

IOC is also adding three million tonne of capacity at Barauni refinery in Bihar as well as adding a nine million tonne unit at its subsidiary the Chennai Petroleum Corporation (CPCL).

Also, the planned 60 million tpa grassroots refinery project on the west coast is much needed to meet the projected oil demand for 2050. The project may get delayed by a few years due to issues with land acquisition.

IOC is also looking at petrochemicals to diversify from the challenging fuels business.

It will add petrochemical plants at all its future refinery expansions and boost the existing output at its current facilities to raise the percentage of crude oil converted into petrochemicals to 15 percent from the current five-six percent.

 

 
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