Indian Oil board approves Panipat expansion

Vol 5, PW 8 (06 Jun 01) News in Brief

After prolonged delay the board of Indian Oil has at last cleared the Rs3,600-4,000cr expansion of the Panipat refinery in Haryana from 6m t/y to 9m t/y.

A source reveals that an 'Investment Review Panel' of the Indian Oil board - meeting on the 6th floor of the company's Scope Complex headquarters in Delhi - took the decision to proceed with the Rs4,000cr ($880m) expansion on June 2nd. The next board meeting of Indian Oil is scheduled for 14th June when the company will examine an investment proposal to make value added products from refinery residue and look at expansion plans at the company's Gujarat refinery in Koyali.