IOC to invest $2.69bn

NEW DELHI: Indian Oil Corp (IOC), the country’s biggest refiner, will invest up to INR 180 billion ($2.69 billion) in six of its refineries to upgrade fuel specifications to meet government norms, a senior official said on Wednesday. About INR 40 billion would be needed for producing Euro IV compliant fuels and another INR 130 billion to INR 140 billion would be required for upgrading facilities to produce Euro VI compliant fuels at the six directly owned refineries of state-run IOC, said Sanjiv Singh, the company’s head of refineries. The Indian government plans to roll out Euro VI compliant fuels from April 1, 2020 to curb pollution and refiners need to invest INR 300 billion to produce the same. “It is an extremely challenging task, but we will do it,” Singh said, commenting on IOC refineries’ capability to produce Euro VI. Singh said the money needed for the six refineries excluded investment needed for upgrading fuel specifications at its recently commissioned 300,000 bpd Paradip Refinery in Odisha state. IOC aims to invest INR 40 billion in upgrading the Paradip refinery.