India's Largest Refiner To Invest $4.5 Billion To Boost Capacity

Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, plans to invest US$4.46 billion (329.46 billion Indian rupees) to expand the processing capacity of its Panipat refinery by two-thirds to 500,000 bpd within three years. The refinery expansion project is set to boost petrochemicals production at the site, as well as specialty products that would contribute to de-risking “the conventional fuel business of the company,” Reuters quoted IOC as saying in a statement on Friday. Petrochemicals are expected…