Indian Oil Company To Set-up Another Greenfield Refinery
Indian Oil Company (IOC) is weighing the choice of organising one other greenfield refinery to fulfill the rising demand of petroleum and petrochemical merchandise. petroleum equipment suppliers association The refinery with an envisaged capability of 14-15 million metric tonnes per year (MMTPA) is expected to entail an investment of about Rs 15,000-20,000 crore, mentioned government sources within the know of the development. The proposed refinery is probably going to come up on the western coast, sources said.
When contacted a senior official of IOC stated that it has been on the anvil for quite some time to set up a new refinery on the west coast for a very long time now.
“Presently our focus is on the japanese area. It is too premature to speak about the new proposed refinery on the west now,” the official mentioned.
The present refining capacity of India is about 130 million tones petroleum equipment suppliers association and this demand is rising at about 4 million tones per annum, sources said.
IOC can also be within the strategy of forming a core group to conduct feasibility examine and finalise the situation of the mission. “It might be anyplace in Maharashtra or Gujarat,” sources mentioned.
IOC would rope in a joint enterprise partner if the venture is finalised, sources stated. Gujarat Refinery at Koyali in Western India is Indian Oil’s largest refinery. When commissioned in 1965-66, the Gujarat refinery had a design capability of 3.Zero MMTPA. It was subsequently elevated to 4.Three MMTPA by the revamping of three distillation units. At the moment, it has a refining capacity of 14 MMTPA.
The Indian Oil petroleum equipment suppliers association Group of corporations owns and operates 10 of India’s 20 refineries with a mixed refining capacity of 60.2 MMTPA. These embrace two refineries of subsidiary Chennai Petroleum Corporation Ltd. In petrochemicals, Indian Oil is investing Rs.