Mumbai, 24 September The country’s biggest refiner, Indian Oil Corporation (IOC), today said it would spend Rs 43,250 crore over the next five years to carry out its expansion programmes.
The company is also looking at acquiring oil producing blocks.
“It (IOC) is gearing itself to take on the impending challenges with investments of Rs 43,250 crore over the next five years. Of this, Rs 30,000 crore will go into downstream integration,” IOC Chairman S Behuria told reporters on the sidelines of the company’s Annual General Meeting here.
The government-owned company controls 10 out of India’s 19 refineries and accounts for 40.4% share of national refining capacity. It has 60.2 million metric tonnes per annum (mmtpa) refining capacity.
Behuria said the naptha cracker project in Panipat in Haryana is slated for commissioning in 2009. In this, IOC would like to have partners but has not yet roped in any.
“We are open to have a partner in the project, but we are not wasting time in finding out partners,” he said when asked whether the company was looking at Mittals for partnership.
The company has already commissioned a 5,53,000-tonne Paraxylene/Purified Theraptic Acid plant in Panipat.
An integrated refinery-cum-petrochemicals complex is also coming up at Paradip in Orissa which would further enhance its downstream integration, the Chairman stated.
“IOC is actively pursuing upstraem integration through exploration and production activities both within and outside the country.”