Indian Oil signs up to invest Rs 24,000 crore in Gujarat refinery expansion, petrochemical project

State-owned Indian Oil Corporation (IOC NSE -0.39 %) on Monday said it has signed up an investment pact for adding petrochemical and lube plants to its previously announced plan to expand crude oil processing capacity at its Koyali refinery at Vadodara in Gujarat. Expanding refining capacity by 4.3 million tonnes per annum to 18 million tonnes and adding plants to produce 500,000 tonnes per annum of polypropylene and 2,35,000 tonnes of lube oil base stock at the site would see total investment of about Rs 24,000 crore.

“Chief Minister of Gujarat Vijaybhai Rupani and Union Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan today presided over an MOU signing ceremony for ‘Investment Promotion’ between the Government of Gujarat and Indian Oil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics / Oxo Alcohol Project along with other infrastructure projects at Gujarat Refinery,” a company statement said.