IndianOil to set aside Rs 60,000 crore to raise capacity
New Delhi   01-Jul-2009
IndianOil plans to invest more than Rs 60,000 crore to raise its refining capacity to 80 million tonnes per annum by 2011-12 from 60.2 million tonnes now. Mr. B. N. Bankapur, Director (Refineries) of IndianOil confirmed the development and said, "IndianOil is investing Rs 29,777 crore in setting up a new 15 million tonnes a year refinery at Paradip in Orissa. In addition, Panipat refinery's capacity is being raised from 12 to 15 million tonne per annum at a cost of Rs 1,007.83 crore. Another Rs 1,131 crore is being spent on a project to improve quality of petrol at the refinery. Similar quality improvement projects are being implemented in refineries situated at Baruni (Rs1, 492 crore), Guwahati (Rs 372 crore), Digboi (Rs 356 crore) and Mathura (Rs 348 crore). Residue upgradation and petrol and diesel quality improvement project at the Gujarat refinery would cost Rs 5,882 crore, while diesel quality improvement and capacity expansion at the Haldia refinery, from 6 to 7.5 million tones, would be done at an investment of Rs 2,869 crore. "Naphtha cracker and polymer complex, adjacent to Panipat refinery, is being set up w an investment of Rs 14,439 crore. At the time of independence, India had just one refinery, in Digboi. At present, IndianOil owns and operates 10 of the country's 20 refiners, Bankapur said. "IndianOil has grown more than 3000 times. It was a fledging company with a net worth of only Rs 45 crore and sales value of Rs 78 crore in 1965. Now, ' it has achieved sales turnover of Rs 2, 85,337 crore."