Indian Oil to invest Rs 1 lakh crore in next 4-5 years to boost refining capacity
The company’s board had in June sanctioned the initial approval for setting up India’s first-ever “Styrene Monomer Project” at an estimated cost of Rs 4,495 crore. The project, with a capacity of 387 thousand metric tonne per annum, will be located in the company’s Panipat refinery and petrochemical complex, and will utilise the ethylene to be produced in the refinery’s upcoming INDMAX Unit. The INDMAX unit is being built under the refinery’s Rs 32,946-crore expansion programme.
Exploring alternative energy options, IOC is working on solutions around compressed natural gas (CNG), liquefied natural gas, hydrogen-CNG, biofuels, hydrogen and e-mobility, Vaidya said, addressing the company’s 62nd annual general meeting on Friday. “Our focus will be on green energy to power new projects and refinery expansions,” he added.
