IOCL to set up Rs 17,825-crore petrochemical unit in Gujarat refinery

State-run Indian Oil Corporation (IOCL) will invest Rs 17,825 crore in its Gujarat refinery to boost its capacity to produce petrochemicals, the company said on Monday. The development is in line with the IOCL’s strategy to facilitate petrochemical integration into its refinery expansion plans, as this group of products is touted to be the biggest driver of oil demand in the long term. The Gujarat refinery upgrade is expected to be completed in 42 months.