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Delays Drive Higher Panipat Refinery Expansion Costs

REFINING

The Indian Oil Corp project to expand crude processing capacity at the Panipat refinery has seen a revision in costs by about 10% to 362.25 billion rupees ($4.3 billion) according to a company filing.

  • The costs for the expansion to 25m tons/year from 15m tons/year have risen amid delays. The project is expected to be completed by December 2025 compared to the earlier target of September 2024
  • Indian Oil has nine refineries with 70.1m tons capacity and account for 28% of India’s total installed capacity according to oil ministry data.

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