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Indian Oil Aims to Operate Refineries at 90% Capacity in June 2020

The Indian Oil Corporation (IOC) aims to operate its refineries at an average 90 percent capacity in June 2020 as fuel demand recovers with easing of the Coronavirus lockdown.

 

IOC, which along with subsidiary Chennai Petroleum Corporation, controls about a third of India's five million barrels per day refining capacity, is operating its plant at about 83 percent capacity, a sharp increase from 39 percent at the beginning of April 2020.

 

IOC was operating its naphtha cracker at Panipat refinery at full capacity as several downstream petrochemical industries have resumed operations.

 

The company was on track to spend the approved capital expenditure of Rs 261.43 billion (USD 3.46 billion) for 2020-21.

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