Indian Oil to expand capacity of Digboi Refinery in Assam; stock hits 52-week low

30 Jun 2022 , 09:24 AM

Indian Oil Corporation Limited informed that the Board of Directors of the company in their meeting held on June 28, 2022, has accorded investment approval for the expansion of Digboi Refinery in Assam.

The company seeks to expand the current capacity from 0.65 MMTPA to 1 MMTPA along with associated facilities.

IOCL has estimated a total cost of Rs740.20 crore for this expansion.

The company is expected to commission the project by October 2025.

Post the said capacity expansion the profitability of the Digboi Refinery will improve significantly.

Indian Oil Corporation Limited is a government-owned oil and gas exploration and production company in India.

In today’s early morning trade Indian Oil has dipped to its yearly lowest levels shedding nearly 32% against its previous close of Rs109.80 on the National Stock Exchange.

At around 9.20 AM, It was seen at Rs74.90, slumping to a new 52-week low.