IndianOil to commission Rs 5,700 crore projects in Gujarat
Mumbai   30-Apr-2008
IndianOil, country's leading oil producer, will commission projects worth Rs 5,700 crore at its Gujarat based refinery in next two years, the executive director of the company UK Basu said. Basu, giving information on Rs 5,693 crore project, said that the project has got the formal approval of the board of directors of the company. The project will improve the quality of petrol and diesel as per the Euro-3-and Euro-4 norms; also it will take up the task of residue upgradation and thereby increasing the yieldby7%. Basu indicated that the project is under process in a phased manner, which will be fully functional by March 2010. However, 22% of the project work was to get over by March 2008, but overtaking the expectations, 24.04% of the work got over by the said period. Therefore, he expressed optimism about the timely completion of the project. He said that the production capacity of the Gujarat Refinery was increased to 13.7 million metric tonne in April 2001. But the refinery could not utilize this capacity optimally till 2007-08. It was this year when the target of the 13.7 million metric tonne was achieved. While in 2006-07 it was 12.95 million metric tonne. "Refinery follows the targets set by the IndianOil. Therefore, refinery itself doesn't act as a lone profit center," said Basu.