Indian Oil Corporation to invest big in Haldia refinery

Indian Oil Corporation to invest big in Haldia refinery

Petroleum Minister Murli Deora has said in a statement that the Indian Oil Corporation would invest Rs 3,000 crore for the expansion at its Haldia refinery in West Bengal.

Deora said in a statement on these plans: “The expansion of the refinery also includes setting up of a paraxylene and propylene recovery plant.”

IOC also has planned to invest another Rs 1,900 crore to produce Euro-III complaint fuel at this refinery. Deora added that the refinery requires 210 acre for the expansion and they have approached the Union Fertilizer Ministry for the land.

They are now waiting to get the approval from the concerned authorities besides from the Ministry of Shipping, which owned the land. The expansion is expected to take 2 years to complete after IOC gets the necessary approvals.