IndianOil to invest Rs 7,000 cr for capex
New Delhi   20-Sep-2008
State-run IndianOil today said it would be investing Rs 7,000 crore in this financial year as part of its capital expenditure. "We are investing Rs 7,000 crore as capital expenditure in this financial year," the IndianOil Chairman, Mr Sarthak Behuria, told shareholders at the company's AGM here. It plans to increase the refining capacity from 60.2 million tonnes to 80 million tonnes a year by 2011-12, Mr Behuria said. The company would add 4,000 km of new pipelines by 2012. "We see gas pipelines as a high growth area," he said. The other projects under execution include: capacity augmentation at Panipat Refinery from 12 to 15 million tonnes a year; at Haldia refinery from 6 to 7.5 million tonnes a year; a naphtha cracker at Panipat and a 15 million tonnes a year grassroots refinery at Paradip. The company is building petrochemicals business as a major driver of growth.