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Indian Oil Corporation is looking at the possibility of buying West Asian heavy crude for refining in the near future.
B Ashok, Chairman of IOC, said here at a CII function on Saturday that its upcoming 15 million tonne full conversion refinery at Paradip would extend the range of crude oil verities. IOC, which is handling more than 200 verities, would be able to refine heavy and high sulphur crude to BS IV to VI standard fuels once its Paradip project is fully commissioned.
“We are already looking for Latin American heavy crude. Now, heavy crude in the Middle East was available at a discount. We are looking into the possibility of buying it,” Ashok said.
Pradip refinery will able to use extended basket of crude as its configuration has a high Nelson complexity index number of 12.2.
He said the project is almost ready. However, pipelines for evacuation of fuel would take some more time to complete.
Though coastal shipping would dominate the evacuation logistics from Paradip refinery, pipeline, truck and rail transport also form a significant part.
IOC had planned creation of evacuation facilities synchronising with the full commissioning of Paradip Refinery. The company had envisaged two major pipelines – one taking Paradip-Raipur-Ranchi route and another connecting Paradip with Hyderabad.
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