Indian Oil to invest ₹17,825 cr in Gujarat refinery expansion, petchem project
NEW DELHI : Indian Oil Corporation (IOC), the nation’s top oil firm, on Tuesday said it will invest ₹17,825 crore in raising the capacity of its Gujarat refinery as well as setting up a petrochemical plant at the unit as part of plans for upscaling petchem business to protect margins.
In a regulatory filing, IOC said its board at a meeting on September 21 “accorded approval for implementation of petrochemical and lube integration project at Gujarat refinery at an estimated cost of ₹17,825 crore”.
The project envisages raising the capacity of the Vadodara refinery in Gujarat from 13.7 million tonnes per annum to 18 million tonnes and building a 0.5 million tonnes a year polypropylene (PP) plant and a 2,35,000 tonne a year Lube Oil Base Stock (LOBS) unit.
