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IOC May Take Final Investment Decision on West Coast Refinery By End-2018: Chairman

Indian Oil Corp (IOC) has held preliminary discussions with Saudi Aramco on downstream investments in India including the mega refinery-petrochemical project in the country’s west coast, IOC’s chairman said on Monday.

“They are interested in the project,” B. Ashok told reporters on the sidelines of the Asian Oil and Gas conference.

IOC and its partners are expected to make a final investment decision on the project in end-2018 to early 2019, after which the project will take five years to be completed, he said.

The project includes a 3 million tonnes per year ethylene unit, IOC executives said.

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