State-run Indian Oil Corporation (IOCL) will invest Rs 17,825 crore in its Gujarat refinery to boost its capacity to produce petrochemicals, the company said on Monday. The development is in line with the IOCL’s strategy to facilitate petrochemical integration into its refinery expansion plans, as this group of products is touted to be the biggest driver of oil demand in the long term. The Gujarat refinery upgrade is expected to be completed in 42 months.
“The intention is to increase petrochemical intensity to insulate ourselves from the vagaries of auto fuel margin cracks and guarantee better refining margins,” IOCL chairman SM Vaidya said on Monday while addressing the media after the company’s 61st annual general meeting. IOCL net profit fell 47% annually to Rs 1,910.8 crore in the quarter ended June 30,…