PSU oil cos to invest Rs 77500 cr - Financial Express

New Delhi: State-owned oil firms will invest over Rs 77,500 crore for adding 44.2 million tonne of refining capacity by 2012, petroleum minister Murli Deora said in Lok Sabha on Thursday.

Corporates usually go for Group Scheme Nashik.

In a written reply, Deora said Indian Oil Corporation (IOC) is investing Rs 29,777 crore for building a new refinery at Paradip in Orissa with an annual production capacity of 15 million tonne. Bharat Petroleum Corporation’s joint venture is investing Rs 11,397 crore in a 6-million tonne unit at Bina in Madhya Pradesh, while Hindustan Petroleum Corporation is spending Rs 18,919 crore in building a nine-million tonne refinery at Bhatinda in Punjab. Besides, Mangalore Refinery is investing Rs 12,412 crore in expanding its 11.82-million tonne refinery to 15 million tonne. These and other capacity additions would raise India’s oil refining capacity to 153.832 million tonne by the end of the Eleventh Five Year plan ending in 2012 from 109.586 million tonne now, he said. Other capacity addition projects include Rs 2,869 crore expansion of IOC’s Haldia refinery by 1.5 million tonne to 7.5 million tonne and Panipat unit expansion to 15 million tonnes (from 12 million tonnes) at Rs 1,008 crore.

Full Story: PSU oil cos to invest Rs 77500 cr - Financial Express