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IOCís Paradip refinery expected to start in Q1-2013

August 15/2011

(Plastemart) -- State-owned Indian Oil Corporationís (IOC) Paradip Refinery in Orissa is expected to be completed one year after the pre-decided schedule in Q1-2013. This delay could pose some tax problems for IOC. The seven year income tax holiday for the refining sector ends next year. Refineries commissioning after March 31, 2012 will not be eligible for exclusion from payment of income tax on revenues earned for first seven years of operations. IOC had previously stated that the refinery will start producing fuel by March 2012 when it will commission the primary units like Crude Distillation Unit. Secondary units will be commissioned by July, 2012, and operations stabilised by November 2012.


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