The Indian Oil Corporation Limited (IOC) will be investing an estimated Rs 15000 crore in expanding the refining capacity of Gujarat Refinery, the company’s flagship refinery located at Vadodara, B Ashok, chairman of the company said during his visit to the city on Friday.
“We have are looking to expand the Gujarat Refinery to 13.7 million metric tonnes per annum (MMTPA) to 18 MMTPA … So we will be investing around Rs 15000 crore both the expansion and the quality upgradation of the refinery,” Ashok added about the refinery that was commissioned way back in 1966. The quality upgradation will help the refinery produce Bharat Stage (BS) – VI fuel by 2020. Ashok was in the city to open a retail outlet at Moriaya on the outskirts of Ahmedabad.
IOC currently has over 800 acres of land in Vadodara and the company is in the process of acquiring 43 acres more the expansion project, said Sanjeev K Jain, Executive Director, Gujarat, IOC.
Investment in renewable
Among other investments in Gujarat, IOC is in the process of setting up a 8 MW (mega watt) solar power project at it’s LPG bottling plant at Sanand. The company also operates 63 MW wind power project in Gujarat.
Digitalisation at petrol outlets 18%
Talking about the cash transactions happening at the IOC retail fuel outlets across the country, Ashok said, “Of the total transactions at our outlets, digital transactions form 18 percent. Before demonetisation this was less than five percent. But post-demonetisation, during the cash crunch, it had peaked to 30 percent.”