Kolkata: State-owned Indian Oil Corporation would pump in Rs5,000 crore to ramp up capacity of its Haldia Refinery for which most of the land has been acquired.
“IOC will invest Rs5,000 crore to increase the capacity of Haldia refinery from the present 5 million tonne to 7.5 million tonne,” company chairman S Behuria said here today.
“Apart from the expansion, a new plant for making paraxylene, raw material for MCC PTA, would also be set up,” Behuria told reporters on the sidelines of National HRD summit.
Stating that the company would require 86 acre for undertaking the capacity expansion, Behuria said that most of the land has been acquired.
Turning to the spiralling prices of crude, Behuria said that IOC suffered Rs120 crore under-recovery per day on account of it.
He also sought more liberization from the government in the oil and gas sector like pricing.