IOC planning R30,000-cr refinery on west coast

Indian Oil Corp on Tuesday said it 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 million tonnes.

IOC has 7 refineries totalling 54.2 million tonnes and a 11.5 million tonne subsidiary in Chennai Petroleum. It so far has no coastal refinery, impairing its ability to process cheaper difficult crude oils. "We are looking at options to set up a 15 million tonnes refinery on the west coast," IOC director (refineries) Rajkumar Ghosh said here. IOC, he said, is looking for sites for the new unit in Gujarat and Maharashtra. The firm has been offered land by Adani Group at Mundra and by Shapoorji Pallonji Group in Saurashtra.

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