India's largest oil company Indian Oil Corp. (IOC) plans to nearly double its oil refining capacity by 2030, from the current 80.7 Mt/year to 150 Mt/year by 2030.
The company has set an intermediate target of 105-110 Mt/year by 2022. The group plans to invest Rs 40,000 crore (US$6bn) to reach about 105 Mt/year by 2022. The group plans to raise the capacity of its Koyali refinery in Gujarat, from the current 13.7 Mt/year to 18 Mt/year. The group will convert the refinery to process gasoline and diesel meeting BS VI norms. The 32% increase in capacity is expected to be commissioned in 2020.
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.