IOC, which along with subsidiary Chennai Petroleum Corp , controls about a third of India’s 5 million barrels per day (bpd) refining capacity, is operating its plant at about 83 per cent capacity, a sharp increase from 39 per cent at the beginning of April.
Refiners in Asia are cranking up runs as the lifting of lockdown restrictions is pushing up fuel demand. India’s fuel consumption in May increased significantly from April.
IOC said in a statement it was operating its naphtha cracker at Panipat refinery at full capacity as several downstream petrochemical industries have resumed operations.
The company said it was on track to spend the approved capital expenditure of 261.43 billion rupees ($3.46 billion) for 2020-21.