January 31, 2018 / 3:32 PM / 4 months ago

Indian Oil to boost Panipat refinery capacity by two thirds

NEW DELHI (Reuters) - Indian Oil Corp Ltd plans to increase the capacity of its Panipat refinery by two thirds to 500,000 barrels per day (bpd) at a cost of 231.16 billion rupees rupees ($3.64 billion), the country’s largest refiner said on Wednesday.

FILE PHOTO: A logo of Indian Oil is seen on the shirt of an employee at a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/File Photo

India is increasing refining capacity to keep pace with the expected growth in fuel demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector.

The energy-hungry nation’s refinery capacity has more-than-doubled since the start of the millennium to about 5 million bpd.

“Another step towards meeting our rapidly growing energy demand,” Oil Minister Dharmendra Pradhan said in a tweet, referring to the planned increase in capacity at Panipat.

Indian Oil didn’t give a timeline for the expansion. The company, along with its subsidiary Chennai Petroleum Corp Ltd, has a total installed refining capacity of 1.6 million bpd, according to government data.

($1 = 63.5675 Indian rupees)

Reporting by Sudarshan Varadhan; Editing by Mark Potter

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