IOC Paradip refinery News

 Prime Minister Narendra Modi today dedicated to the nation Indian Oil Corp's Rs 34,555 crore refinery here, that has helped the state-owned firm overtake Reliance Industries to again become country's top refiner.

The Paradip Refinery of Indian Oil, which is set to be dedicated to the nation on February 7, will massively boost the bottomline of the largest oil marketeer to the tune of 20-30 percent, thanks to the latest technologies deployed at the facility that's coming up after a delay of 14 long years.

An exhibition on the Indian Oil's 11th refinery at Paradip opened here Sunday, displaying the execution of the Rs 35,000-crore project with 15-MMTPA capacity using world-class state-of-the-art technology.

The commissioning of the refinery comes after 14 years, owing to many flip-flops by the Naveen Patanik government on incentives, withdrawal of its foreign partner Kuwait Petroleum and stiff frequent opposition from locals, state politicians and NGOs apart from two killer cyclones.

The upcoming refinery of state-run Indian Oil Corporation (IOC) at Paradip would be a major producer of feedstock for the downstream petrochemicals industry, a top official of the company said.

The South Oil Jetty, which will be used to import and export of oil at high sea, was dedicated to the nation by Shipping and Road Transport Minister Nitin Gadkari at Paradip, a company press release said here.

Commissioning its Rs 34,555-crore Paradip oil refinery in Odisha, state-owned Indian Oil Corporation (IOC) Monday said it will start full-fledged production by the end of the year.

Output from the $5.2 billion Paradip refinery will compete with rising supplies of fuels from new and expanded plants in the Middle East and China, putting pressure on the profit margins of Asian refiners.

With about 96 percent construction work of its refinery at Odisha's Paradip already complete, Indian Oil Corporation Ltd (IOCL) expects to commission it very soon.