IOC up on its way of expansion of business

IOC to expand its business
India"s largest crude oil refining firm and oil marketing company, Indian Oil Corporation (IOC), is planning to expand its oil business by building a refinery that would process crude oil. This world-class green-field refinery-cum-petrochemical complex calls for an investment of Rs. 40,000 crores, and would carry the capacity to process 18 to 20 million tonnes of crude oil per annum.

As was told by IOC"s Director, refining, BN Bankapur, the refinery is planned to be built on the West coast, and the location would be somewhere between Mangalore and Goa. The location has been decided to make crude oil importing from different locations easier, as this refinery has the ability to process any variety of imported crude. The proposed refinery is expected to come on stream by 2017-2018.

IOC has its core strength in refining and marketing of fuels, and is continuously seeking for ways to expand its presence in these areas. The company is the leader in the refining sector with the capacity to refine 66 million tonnes of oil per annum. It owns 10 out of total 20 refineries that exist presently in India. Alternative ways like the setting up of the refinery are also being considered to bolster IOC"s presence in the domestic market, as was said by company"s Chairman and Managing Director, RS Butola.

Read more about: iocl, bse, nse, oil and gas
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