The board of India's largest oil company Indian Oil Corp. (IOC) has approved plans to invest Rs 15,034 crore (US$2.35bn) to raise the processing capacity of its 13.7 Mt/year (274,000 bbl/d) Koyali refinery in Gujarat (north-western India) by 4.3 Mt/year (86,000 bbl/d) to 18 Mt/year (360,000 bbl/d) by 2022. The group will convert the refinery to process gasoline and diesel meeting BS VI norms. Some of decade-old units will be replaced with new, more-efficient units.
Overall, IOC plans to invest Rs 40,000 crore (US$6bn) to reach about 105 Mt/year by 2022. IOC will also raise the capacity of its 15 Mt/year Panipat refinery in Haryana by 33% to 20.2 Mt/year. The company plans to add 3 Mt/year at its 8 Mt/year (160,000 bbl/d) Mathura refinery in Uttar Pradesh, at its 6 Mt/year Barauni refinery in Bihar and at its Digboi and Bongaigaon refineries in the North-East. IOC's expansion plans include a 5 Mt/year capacity addition at its recently commissioned 15 Mt/year Paradip refinery in Odisha. Other expansion or new-build projects will be required to reach the 150 Mt/year capacity target.