Indian Oil Corporation (IOC) has said that it is going to invest Rs 6800 crore in capacity expansion and improving fuel quality at its Gujarat refinery. Rs 5000 crore of the investment will be used to increase the overall refining capacity to 18 million tpy and Rs 1800 crore will be used to make end products compliant with the low sulphur Bharat Stage.
Bharat Petroleum Corporation Ltd (BPCL) has announced plans to raise Rs4000 crore for the expansion of the Kochi refinery. The money will also be used for a petrochemicals venture. The State Bank of India has reportedly received a mandate to raise funds for the above plans.
In late December the President of Kazakhstan said that the country needs to build a new oil refinery to make sure it is not dependent on the fluctuations of prices for raw materials.
Lafarge Malaysia’s unit Lafarge Cement SdN Bhd has signed a Form of Agreement and Conditions of Contract with Petronas Refinery and Petrochemical Corp. Under these RM254 million signings which last five years, the company will provide concrete for the RAPID project.
It has been reported that the Dung Quat refinery is going top process 8.5 million tpy of crude oil after upgrade work is finished in 2022 rather than the originally thought 10 million tpy. No specific reason has been given for this downgrade in expectations. The upgrade work is requiring an investment of US$1.82 billion.
It has also been reported that a license is due to be granted for a US$22 billion refinery and petrochemical complex to be built in the country. PTT Pcl of Thailand, and Saudi Arabia’s Saudi Aramco are looking to have the licence granted by February of this year. This is expected to be a 50/50 joint venture project.
Sources: The Malaysian Insider, First Post, Business Standard, Reuters, Gulf News, Trend.
Edited from various sources by Claira Lloyd
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