Indian Oil Corporation's (IOCL) Board has given approval for capacity expansion of the Panipat refinery from 15 to 25 million tonne. The associated upward revision in the project cost will be Rs 36,225 crore from Rs 32,946 crore. The Board also agreed to an extension in the completion schedule of the project from September 2024 to December 2025.

Aimed at improvement of operational flexibility, the Panipat capacity expansion project would increase production of petrochemicals and specialty products.The company has also secured board approval for procuring and installing 4,000 fast electric vehicle (EV) chargers at an estimated capital investment of Rs 919.78 crore.

The move will help to increase margins and derisk exposure to its conventional fuel business through new units at the integrated olefins and aromatics complex. Earlier, the company had awarded a contract to McDermott International to provide services for further expansions of olefins and polymers production at Panipat refining and chemical complex. 

IOCL owns and operates nine refineries, and the total capacity under its operations is 70.1 million tpa.