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IOC to invest Rs 15,000 crores to raise Panipat refinery capacity

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By the year 2020, Indian Oil Corporation, India’s largest oil firm, is planning to invest Rs 15000 crores to raise the capacity of its Panipat refinery to 34% from the current 20.2 million tonnes MT. According to an senior official of the company,only preliminary studies are on and the expansion would take five years with the investment amount of Rs 15000 crores.

  • IOC has eight refineries and few weeks before started a new refinery at Paradip, Odisha.
  • The total capacity is now 69.2 MT, IOC has got top slot among the refineries.
  • IOC now has overtaken Reliance Industries having twin refineries at Jamnagar,Gujarat.
  • Essar oilis the only other private firm having 20MT capacity per year unit at Vadinar,Gujarat.

Other refineries of IOC increasing its capacities–

  • As per the statement from official, IOC is also looking to raise the 13.7 MT Koyali refinery in Gujarat by 4.3 MT and also increasing the capacity of Mathura refinery in Uttar Pradesh to 11 MT.
  • Small capacity addition of 0.5 MT is also planned at 7.5 MT Haldia refinery in West Bengal.
  • Panipat has both the Indian and imported grades of crude oil.
  • Vadinar supplies crude oil through a Salaya-Mathura pipeline of 1370 km length, and also supplies crude oil to Koyali and Mathura refineries of IOC.
  • Petroleum products are transported by rail,road and through pipelines.

IOC- Some important facts

  • In the year 1998, Panipat Refinery was started with a capacity of 6 MT per annum.
  • It was doubled to 12 MT in the year 2006 and then further to 15 MT in 2010.
  • IOC is 88th largest corporation in the world.
  • IOC is mainly owned GOI that has 69% of shares.
  • It is one of the seven maharatna status companies in India.
  • Founded in 1964, headquarters in New Delhi.
  • Present chairman is Mr B Ashok