IOC plans new Rs 40k cr plant | business | Hindustan Times
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IOC plans new Rs 40k cr plant

business Updated: Apr 27, 2011 01:33 IST
Anupama Airy
Anupama Airy
Hindustan Times
Indian Oil Corporation

India’s largest crude oil refining firm, Indian Oil Corporation (IOC) is planning an investment of Rs 40,000 crore to set up a world-class greenfield refinery-cum-petrochemical complex on the western coast with a capacity to process 18 to 20 million tonnes of crude oil per annum.

“We plan to set up a coastal refinery to capture the export market in future as also to strengthen our foothold in the domestic market,” chairman and managing director of IOC, RS Butola said.

Butola said while his company will continue to look at all possible areas for expanding business, refining and marketing of fuels will continue to dominate IOC’s portfolio of businesses.

“Refining and marketing is our core strength and we have to look at ways to expand our presence in these areas,” he added.

IOC’s director, refining, BN Bankapur said that while the location of the coastal refinery is yet to be finalised, the possibility is that it will come somewhere between Mangalore and Goa.

“The location will help in importing crude oils from various locations as the refinery will be able to process any variety of imported crude,” he told HT.

The proposed refinery is likely to come on stream by 2017-18, he added.

IOC is presently the leader in the refining sector and has a refining capacity of 66 million tonnes per annum.

The company, which controls 10 of the 20 refineries that exist in India at present, expects that its 15 mtpa refinery at Paradip will be commissioned by 2012, augmenting its capacity.