In addition, IOC is implementing fuel quality up-gradation projects at its existing refineries to produce Euro-III/IV quality fuels, at an approved cost of INR259.6 billion.
The Minister of State for Petroleum & Natural Gas Shri Jitin Prasada stated that the refining sector was de-licensed in June, 1998. Since then a refinery can be set up anywhere in India by private or public sector enterprises depending on the promoters’ assessment of its viability. Public or private sector enterprises consider proposals for setting up new refineries/expansion of capacity depending on economic viability.
He also said that increase in refining capacity will boost export earnings from petroleum products through value addition. It will also enhance energy security by meeting the energy needs of the country in a cost-effective manner.
