Indian Oil will invest 33 thousand crores, increase the capacity of Panipat refinery
Government oil company Indian Oil Corporation (IOC) will invest 32 thousand 946 crore rupees. This investment will be made on increasing the capacity of the refinery at Panipat. This information is given by the company.
Capacity will be 5 million barrels per day
The company said that by September 2024, it will increase the capacity of the Panipat refinery to 5 lakh barrels per day. India is the largest oil importing country in the world. Also, there are more customers who use oil here. The company is increasing capacity so that it can meet the growing demand at the local level.
Plan to accelerate manufacturing sector
Prime Minister Narendra Modi plans to give a boost to the manufacturing sector. That is why the company is increasing it. Along with increasing the capacity, the company will also install polypropylene units at the Panipat refinery. In 2018, Indian Oil announced that it would increase the capacity of Panipat to 3 lakh barrels per day. It will cost 231 billion rupees. The company said that this refinery will increase the production of petrochemicals and at the same time improve the value-added specialty products.
Company looking for land in West Bengal
In view of the increasing energy demand in the country, Union Minister Dharmendra Pradhan is looking for 175 acres of land for expansion of Indian Oil in West Bengal. The capacity of the Haldia refinery here is to be increased to 1.60 lakh barrels per day. IOC and its subsidiary Chennai Petroleum Corporation have a total capacity of 1.6 million barrels per day.
The pipeline will sell to the network
A few days ago, Indian Oil director Sandeep Kumar Gupta said that the company could sell one or two in its vast network of crude oil and petroleum products pipeline. However, it will maintain its control over these. He said that the company can sell the stake through InvIT. He said that the company’s pipeline assets have a lot of potential. Many investors want to invest in them.
The IOC has a vast network of more than 14,600 km long pipeline. The government holds a 51.50% stake in the company.
