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IOC to double refining capacity

India's biggest refiner Indian Oil Corp is to increase its crude oil refining capacity to 80 million tonnes by 2011-12.

india Updated: Oct 03, 2006 20:02 IST

Indian Oil Corp, the nation's biggest refiner, plans to almost double its crude oil refining capacity to 80 million tonnes by 2011-12, the year by when it is targeting to scale $60-billion in turnover.

IOC Chairman Sarthak Behuria, while presenting a dividend cheque of Rs 1,197.60 crore for 2005-06 to Petroleum Minister Murli Deora, said, "IOC aspires to grow from a $41-billion-turnover company today to $60-billion by the year 2011-12 with well-coordinated strategic plans, including clear blueprints for investments to the tune of $12 billion (Rs 50,000 crore)mainly in integration and diversification projects, refinery expansions, product quality upgradation and retail operations."

"By that year (2011-12), Indian Oil plans to have about 80 million tonnes per annum refining capacity under its fold," he said.

IOC has seven refineries with a combined capacity of over 41 million tonnes. It plans to build a new 15-million-tonne refinery at Paradip in Orissa as well as double the capacity of the Panipat refinery to 12 million tonnes. Expansions are also planned at Haldia, Koyali and Mathura refineries.

IOC in a release said it paid a total dividend of 125 per cent to its shareholdres amounting to Rs 1,460 crore for 2005-06. The government, which owns 82 per cent in IOC, got Rs 1,197.60 crore in dividend.

This was the 40th consecutive year of dividend declaration by IOC, which has so far paid out Rs 11,602 crore as dividend to its shareholders.

First Published: Oct 03, 2006 20:02 IST