State-owned Indian Oil Corp (IOC) will invest over Rs 9,800 crore in expanding its Barauni refinery in Bihar and setting up a petrochemical unit at Panipat refinery in Haryana. The Board of IOC in its meeting on Thursday approved expansion of Barauni refinery from 6 million tonnes per annum (MTPA) to 9 MTPA. The "expansion of Barauni refinery from 6 MTPA capacity to 9 MTPA capacity along with downstream Polypropylene unit" will cost Rs 8,287 crore, the company said in a regulatory filing. Also, the Board accorded "in-principle approval for implementation of Olefin recovery project alongwith expansion of existing naphtha cracker unit, MEG revamp and benzene expansion unit modifications at Panipat at an estimated cost of Rs 1,527 crore," it added.
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