Country’s largest oil marketing company Indian Oil Corporation will invest Rs. 17,825 crore to implement Petrochemical and Lube Integration at its Gujarat Refinery.

IOC, country’s second largest player in petrochemicals segment, is expanding its petrochemicals capacity by more than 70% from its present 3.2 million tonnes a year.

“The integration of Polypropylene and Lube Oil Base Stock (LOBS) units will enhance the petrochemical and specialty products integration index of Gujarat Refinery,” said Shrikant M Vaidya, Chairman, IOCL at the company’s 61st annual general meeting.

Petrochemical is a lucrative opportunity for energy companies in India as the per capita consumption still remains very low. With the segment expected to picking up pace, oil marketing companies are expanding in this segment.

IOCL, which is investing ₹26,233 crore this fiscal, plans to focus on entry into new petrochemicals segments like polyester filament yarn, polyester staple fibre, polybutadiene rubber and ammonium thiosulphate along the COTC value-chain.

“Extensive research is also going on to back-integrate our own products like petcoke and polymers for deployment in fuel cells,” said Vaidya adding that with refineries presenting a very attractive case for acting as Hydrogen production and supply centres, IOCL is looking forward to pioneering the deployment of fuel cell technology in the country.

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