Home ECONOMY Paradip refinery to start regular production next month

Paradip refinery to start regular production next month

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Odisha Sun Times Business Bureau
New Delhi, Aug 13:

State-run oil marketer Indian Oil Corporation Limited (IOCL) on Thursday announced that it will commission the Paradip refinery in Odisha by the end of next month.

IOCL Paradip

The 300,000 barrel per day capacity Paradip refinery has been running well behind schedule.

“By the end of September, all units will be in place and we will start regular production,” IOCL chairman B Ashok told reporters in New Delhi.

It may be mentioned that IOCL had signed a memorandum of understanding (MoU) with the state government in 2004 to set up a 15 million tonne refinery along with a petrochemical complex at Paradip with an estimated investment of Rs 60,000 crore.

Notably, crude oil processing at the refinery has already begun in April this year.

Once the refinery is fully operational, it will produce 700,000 tonnes of LPG, 200,000 tonnes of propylene a year, 3.8 million tonnes of petrol, 380,000 tonnes of ATF and 6.9 million tonnes of diesel.

Paradip refinery will be IOC’s 8th refinery in the country and is expected to help the company scale up its refining capacity to 69.2 million tonnes from the current 54.2 million tonnes per annum.

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