Stocks News

IOC announces investment worth Rs 32,496 crore to expand Panipat refinery capacity

On Friday, IOC confirmed to invest Rs 32,946 crore to expand its oil refinery’s capacity to 25 million tonnes per annum.

It will also set up several chemical units at the refinery complex at Panipat in Haryana

The firm stated to complete the expansion by September 2024 in a filing to the stock exchanges.

Moreover, Panipat refinery has the capacity to turn 15 million tonnes of crude oil per annum into value-added fuels. This includes petrol, diesel, and Aviation Turbine Fuel.

It also aims to set up a polypropylene unit and a catalytic dewaxing unit.

Further, IOC uses polypropylene to pack plastic parts for various industries. It comprises special devices like living hinges, and textiles.

In fact, the firm uses catalytic dewaxing in base oil production.

The value-added speciality products will upgrade the margins as well as de-risk the conventional fuel business of the firm.

At present, IOC is at ninth position in the country’s two-dozen refineries in terms of it’s operation.

Meanwhile the total capacity under its operations is worth 70.1 million tonnes per annum.

Besides this, it also owns 31,232 out of 74,951 petrol pumps in the country respectively.

The company’s board approved capital investment for Panipat refinery’s capacity expansion from 15 million tonnes  to 25 million tonnes.

Board of the company attended it’s meeting held on Friday.

However, catalytic dewaxing unit is at an estimated cost of Rs 32,946 crore as per the company.

Moreover, IOC is also focusing on the installation of polypropylene unit besides the catalytic dewaxing unit.

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