New Delhi: State-run Indian Oil Corp (IOC) on Saturday announced plans to invest about Rs 1.43 lakh crore towards increasing its refining capacity to 150 million tonnes (MT) by 2030, even as the public undertaking said it aims to change its profile of being "a refining company alone" to becoming an energy corporation.
Talking to reporters here after taking charge last month as IOC Director (Refineries), B.V. Rama Gopal also said that the company is investing Rs 16,628 crore in upgrading its refineries to produce Euro-VI emission norm compliant petrol and diesel, instead of the currently used BS-IV, which is slated to be implemented in Delhi from Sunday.
Besides this, "IOC is investing Rs 15,600 crore in expansion of petrochemical projects and another Rs 74,600 crore in raising the capacity of its existing refineries," Rama Gopal said, making for capital expenditure of Rs 1.06 lakh crore over a five-year period.
The Director also said another Rs 36,500 crore worth of projects are in pipeline, which are yet to be approved by the Indian Oil board.
According to a statement, the company plans to raise the capacity of its Panipat refinery in Haryana to 25 million tonnes per annum (MTPA) from the current 15 MTPA, while its Koyali refinery in Gujarat would be expanded to 18 MTPA from 13.7 MTPA.
The Director also said that a new refinery was being set up in Maharastra's Ratnagiri district by a joint venture in which IOC has 50 per cent stake and 25 per cent each is held by the state-run Hindustan Petroleum Corp and Bharat Petroleum Corp.
"Foreign investors are willing to participate. Land acquisition is in progress in association with Maharashtra government and the refinery should come up in about 5 years' time," he said.
On IOC's plans on alternate fuels, he said it is setting up a new unit at its Panipat refinery to manufacture ethanol from refinery off-gases for blendiing with petrol under the national ethanol blending programme.
Besides, a plant to convert agricultural stubble to ethanol is being set up also at Panipat at a cost of Rs 760 crore, he added.
On IOC's alternate energy development, Rama Gopal said the company plans to increase its current solar power generation of 188 MW to 261 MW by 2020.
The nation's biggest oil marketer, which operates 11 refineries, including two owned by its subsidiaries, registered a record output of 69 million tonnes last year. Its refineries have a total capacity of 80.7 MTPA.