NEW DELHI: Indian Oil Corporation (IOC), has revised the estimates of cost of expanding the Panipat refinery in Haryana by 10 per cent to Rs 36,225 crore and pushed back completion deadline by over a year to December 2025.
IOC is expanding its 15 million tonnes a year refinery, about 100-km north of New Delhi, to 25 million tonnes.
In a stock exchange filing, the firm said its board has approved “revision in cost of the project for capacity expansion of Panipat Refinery from Rs 32,946 crore to Rs 36,225 crore and revision in completion schedule of the project from September 2024 to December 2025.” Besides expanding the capacity to turn crude oil into value-added fuels such as petrol, diesel and ATF, IOC is also setting up a polypropylene unit and a catalytic dewaxing unit.
Polypropylene is used in packaging, plastic parts for various industries including the automotive industry.