Indian Oil Corp (IOC) on 17 March 2014 announced to set up 30000 crore rupees refinery at Mundra in Gujarat with 15 million tones capacity. The plant is scheduled to come up by 2021-22. The Adani Groups offered land to IOC to set up refinery at Mundra.
The plan to set up a refinery is to increase the processing capacity of IOC to 100 million tones. IOC planned to raise its refining capacity to 100 million tones by 2021-22.
Current total capacity of IOC is 54.2 million tones with seven refineries and subsidiary Chennai Petroleum Corp operates a 11.5 million tones plant.
A coastal refinery would enable IOC to ship in larger quantities of heavier grades of crude oil, which are cheaper because they are more difficult to process into fuels. All the refineries of IOC are landlocked.
In the 12th Five Year Plan which ends up in 31st March 2017, IOC planned to invest 56200 crore rupees. In the Plan 27159 crore rupees was set aside to expand refining capacity.
Also, IOC is planning to expand few of its refineries to achieve the 100 million tones target.
• Refinery at Koyali in Gujarat has 13.7 million tones capacity and it will be increased to 18 million tones at a cost of 4858 crore rupees.
• The Mathura plant may be expanded to 11 million tones from 8 million tones.
• An expansion of the Panipat plant to 18 or 21 million tones from 15 million tones is being considered.
• The under-construction 15 million ton Paradip refinery in Odisha would be expanded to 20 million tones.
When: on 17 March 2014