Indian Oil Corporation Limited (IOCL) will invest around Rs 13.3 billion in the Koyali refinery in two phases to complete the conversion from BS-III grade fuel to BS-IV by January 2017. The first phase will entail an investment of Rs 9.3 billion to revamp diesel hydro treating units. The remaining amount will be invested in the second phase which entails the revamp of the vacuum gas oil hydro treating unit. IOCL is in the process of implementing Phase I at present. The second phase of the project is awaiting approval from the board. The company has also initiated preparations for the conversion from BS-IV to BS-VI fuel by 2020. For this, it will need additional hydro treating units for both petrol and diesel and an additional 50-55 acres of land. A preliminary feasibility report has estimated the initial investment at Rs 27.7 billion with a variation of +/- 30 per cent. The project will be completed by September 2019.