Indian Oil defers decision on Panipat till 2nd June

Vol 5, PW 7 (23 May 01) News in Brief
     

Indian Oil has deferred until 2nd June a decision on expansion plans at its 6m t/y refinery at Panipat in Haryana.

A source reports that during a meeting on 18th May IOCs board failed to agree on the details "of five or six additional units which need to be installed before expansion can begin". On 30th August 1999, IOC sanctioned Rs3,365cr ($740m) for the expansion of Panipat to 9m t/y and set 28th February 2002 as the target date for project completion.

On 16th June in the same year IOC sanctioned Rs4,228 ($930m) for construction of an integrated paraxylene/PTA unit.