Indian Oil (IOC) will invest nearly Rs 1 lakh crore to enhance its refining capacity by almost a third in the next 4-5 years.
IOC is focusing on optimally integrating its current refining processes to yield more chemical products per barrel of oil, chairman SM Vaidya said on Friday.
“This will intensify petrochemical and lubricant integration, leading to a diversified product portfolio and attain profit maximization,” Vaidya said.
IOC board in June sanctioned the approval for setting up the Styrene Monomer Project at an estimated cost of Rs 4,495 crore. The project, with a capacity of 387 thousand metric tonne per annum, will be located at its Panipat refinery and petrochemical complex. The project will utilise the ethylene to be produced in the refinery’s upcoming INDMAX Unit. IOC is building the INDMAX unit under the Rs 32,946-crore expansion program.
IOC is working on solutions around compressed natural gas (CNG), liquefied natural gas, hydrogen-CNG, biofuels, hydrogen and e-mobility, Vaidya said, addressing the company’s 62nd annual general meeting on Friday. “Our focus will be on green energy to power new projects and refinery expansions.”
IOC recently said it will build the nation’s first green hydrogen plant at its Mathura refinery.