November 17, 2011 / 10:39 IST
State-run Indian Oil Corp, the country's biggest refiner, plans to expand capacity by 87% to 2.46 million barrels per day (bpd) by 2020-21, its head of refineries said.
IOC and its subsidiary Chennai Petroleum together control half of India's 20 refineries with a capacity of 1.314 million bpd.
IOC, which currently controls a third of India's refining capacity, plans to commission a 300,000 bpd refinery at Paradip in the eastern Orissa state next year.
It is also exploring building a 300,000 bpd plant in western India, Rajkumar Ghosh said in a statement on Wednesday, seeking to meet growing fuel demand as Asia's third-largest economy expands at about eight percent.
IOC plans to boost the capacity of its 274,000 bpd Koyali refinery in Gujarat to 360,000 bpd by 2016-17 and to 460,000 bpd by 2020-2021, the statement said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
