Indian Oil Corporation Limited (IOCL) has proposed the ramping up of the petrochemical, fuel refining and biofuel manufacturing capacity of its Panipat refinery. The expansion is a part of a revised target to increase refining capacity from 15 million tonnes per annum (mtpa) to 25 mtpa by 2023-24. IOCL will spend Rs 32.92 billion to upgrade production from BS-IV grade fuel to BS-VI grade fuel. It will also be spending another Rs 7.65 billion for setting up a 100 kilolitre per day 2G ethanol plant that uses rice straw-based bio-waste by April 2020.
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