In­dian Oil to in­vest 1.8 tril­lion to ex­pand re­finer­ies, new busi­nesses

Chemical Industry Digest - - News & Views -

In­dian

Oil Corp. Ltd (IOCL) will in­vest ` 1.8 tril­lion over the next 5-7 years to ex­pand re­fin­ing ca­pac­ity and build new busi­nesses, said San­jiv Singh, Pres­i­dent at the com­pany’s AGM held re­cently.

In­dian Oil is cur­rently un­der­go­ing ex­pan­sion of its Ba­rauni and Gu­jarat re­finer­ies. “Apart from ca­pac­ity ex­pan­sion, a lar­ge­size sin­gle crude unit will be in­cor­po­rated in place of sev­eral small ex­ist­ing units for ef­fi­cient op­er­a­tions. Ex­pan­sions of Pa­ni­pat and Paradip re­finer­ies are also un­der con­sid­er­a­tion along with var­i­ous petro­chem­i­cal op­tions,” Singh said. Ac­cord­ing to a com­pany state­ment, In­dian Oil has a 20% mar­ket share in the petro­chem­i­cals seg­ment with the busi­ness con­tribut­ing to al­most a quar­ter of the com­pany’s prof­itabil­ity. The com­pany has so far im­ple­mented petrochem- icals projects worth ` 20,800 crore. In ad­di­tion, a polypropy­lene unit is be­ing set up at Paradip at an in­vest­ment of ` 3,150 crore.

“In view of the grow­ing de­mand for petro­chem­i­cals, es­pe­cially poly­mers or plas­tics, In­dian Oil has plans to in­vest about ` 32,000 crore more in petro­chem­i­cals projects. These would in­clude revamp of ex­ist­ing ca­pac­i­ties; new projects for pro­duc­tion of mono eth­yl­ene gly­col and pet­coke gasi­fi­ca­tion at Paradip among oth­ers,” Singh’s state­ment added.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.