MOSCOW (MRC) -- Indian Oil Company (IOC) is likely to expand the production capacity of its refinery in the western Indian state of Gujarat, as per Apic-online.
A Polymerupdate source in India informed that production capacity of the refinery is planned to be increased from 13.5 million mt/year to 18 million mt/year. The capacity expansion will be undertaken at a cost of Rs 5,500.
The expansion is likely to be completed in 2016-2017.
The refinery is located in the western Indian state of Gujarat.
As MRC wrote before, Indian Oil Corp is planning a Rs 30,000 crore refinery on the west coast in Gujarat or Maharashtra as part of its plans to raise the refining capacity to 100 mln tons. IOC has seven refineries totalling 54.2 mln tons and a 11.5 mln ton subsidiary - Chennai Petroleum Corp Ltd (CPCL).
Besides, India may offer a stake to Iraq in state-run Indian Oil's upcoming refinery in eastern India as part of a long-term oil-supply arrangement with the Middle Eastern country. At present, Indian Oil is building the refinery in the eastern state of Orissa with a crude-processing capacity of 15 million tpy. It is expected to cost about 298 billion rupees (USD4.38 billion), according to Indian Oil's website.
Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
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