Indian Oil plans to build Rs 30,000 cr refinery

State-owned Indian Oil Corp (IOC) is mulling setting up a Rs 30,000 crore refinery at Mundra in Gujarat as part of a plan to increase its processing capacity to 100 million tonnes.

IOC has seven refineries with a total capacity of 54.2 million tonnes and subsidiary Chennai Petroleum Corp operates a 11.5 million tonne plant.  A coastal refinery would enable IOC to ship in larger quantities of heavier grades of crude oil, which are cheaper because they are more difficult to process into fuels.