Indian Oil Corporation Limited (IOC) on Friday said that its board has approved an investment of ₹32,946 crore to expand the capacity of Panipat Refinery. This capital infusion is expected to increase the capacity of refinery to 25 MMITPA from 15 MMTPA.
“The capacity expansion would improve the operational flexibility of the Refinery to meet the domestic energy demand and would also enhance the petrochemicals intensity,” the Indian Oil Coporation.
The company would also install polypropylene unit and catalytic dewaxing unit in Panipat Refinery, it said in a statement.
“The increased production of petrochemicals and value added specialty products would not only improve the margins but also de-risk the conventional fuel business of the company,” the oil major said in BSE filing.
