OPEN APP
Home / Companies / IOC says to invest up to Rs18,000 crore in 6 refineries

New Delhi: Indian Oil Corp (IOC), the country’s biggest refiner, will invest up to Rs18,000 crore ($2.69 billion) in six of its refineries to upgrade fuel specifications to meet government norms, a senior official said on Wednesday.

About Rs4,000 crore would be needed for producing Euro IV compliant fuels and another Rs13,000-14,000 crore required for upgrading facilities to produce Euro VI compliant fuels at the six directly owned refineries of state-run IOC, said Sanjiv Singh, the company’s head of refineries.

The Indian government plans to roll out Euro VI compliant fuels from 1 April 2020 to curb pollution and refiners need to invest Rs30,000 crore to produce the same.

“It is an extremely challenging task but we will do it," Singh said, commenting on IOC refineries’ capability to produce Euro VI.

Singh said the money needed for the six refineries excluded investment needed for upgrading fuel specifications at its recently commissioned 300,000 bpd Paradip Refinery in Odisha state. IOC aims to invest Rs4000 in upgrading the Paradip refinery. Reuters

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout