The company’s board at its Feb. 13 meeting approved a total investment of 78.18 billion rupees ($1.259 billion) for the projects, IOC said in a filing to India’s BSE Ltd. (formerly Bombay Stock Exchange).
At its 13.7 million-tonne/year Koyali refinery in Gujarat, the company will invest 18.43 billion rupees ($297 million) to implement a project that would equip the plant to produce gasoline and diesel that conforms to Euro 4 quality standards in order to increase national supplies ahead of the Indian government’s Euro 4 fuel quality compliance deadline of Apr. 1, 2017, IOC said.
The company will invest 13.27 billion rupees ($213.8 million) for a similar fuel quality upgrading project to be implemented at its 6 million-tpy Barauni refinery in Bihar.
To help meet naphtha feedstock requirements at its 2.3 million-tpy naphtha cracker complex at Panipat in Haryana, the company will invest 8.9 billion rupees ($143 million) both for the construction of a dedicated naphtha pipeline from Jaipur, Rajasthan, to Panipat, as well as for augmentation of IOC’s 1,056-km Koyali-Sanganer products pipeline, according to the filing.
At Paradip, on India's northeastern coast, the company will invest 37.52 billion rupees ($604.5 million) on an ethylene glycol project, along with associated installations, IOC said.
Designed to help IOC consolidate its glycol business, the project would result in the production of low-cost monoethylene glycol using off gas from fluid catalytic cracking operations at the company’s Paradip refinery, which is scheduled to reach its full-processing capacity of 15 million tpy later this year (OGJ Online, Dec. 1, 2014).
Detailed timelines for the newly announced projects were not disclosed.