OTHER GROUP COMPANIES
market

IOC to invest Rs740 crore to increase the capacity of the Digboi refinery

It stated, "The project is anticipated to be commissioned by October 2025."

June 30, 2022 2:23 IST | India Infoline News Service

The capacity of the country's oldest oil refinery, located in Digboi, Assam, will be increased thanks to a $740 million investment by the state-owned Indian Oil Corporation (IOC).


According to a filing with the stock exchange, IOC's board has authorized increasing the capacity of the Digboi refinery from 0.65 million tonnes per year to 1 million tonnes, together with ancillary infrastructure, at an estimated cost of Rs740.20 crore.


It stated, "The project is anticipated to be commissioned by October 2025." The Digboi refinery's profitability would increase as a result of the capacity expansion. The Digboi refinery was established on December 11, 1901, making it the oldest refinery still in operation in both India and the whole globe.


It was once owned and run by the Assam Oil Company Limited/Burmah Oil Company, but on October 14, 1981, an Act of Parliament brought it under the umbrella of the IOC, creating the Assam Oil Division of the business. The refinery processes waxy crude that is obtained from oil fields that are active in the Digboi area, according to the IOC website. In 2018, it also began processing crude condensate.


The present product line offered by the Digboi refinery consists of sulphur, fuel oil, gasoline and diesel, and LPG. The main gasoline marketing and oil refining corporation in the country is IOC. It is the owner and operator of ten oil refineries with a total annual capacity of 80.55 million tonnes.


This accounts for around 32% of India's 250 million tonnes of annual oil refining capacity. The main gasoline marketing and oil refining corporation in the country is IOC. It is the owner and operator of ten oil refineries with a total annual capacity of 80.55 million tonnes.

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account
  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity