Tuesday, June 18, 2024

‘IOC refineries achieved record 72.4 mt throughput in FY23’

Indian Oil Corporation’s refineries achieved 72.4 million tonnes (mt) throughput, the highest ever, in 2022-23, while the State-owned oil major clocked about 14% increase in POL sales year-on-year.

In the previous fiscal, the refineries had clocked 67.67 mt. Market share in petroleum products, of the State-owned oil major, increased to 42.9% in 2022-23 as against 40.8% in 2021-22.

Petrol sales were 19.2% more, diesel sales increased 19.3%, while LPG sales rose by about 1%, the company said. During the fiscal, IOC commissioned 1,784 outlets, which translated into 46% of commissioning by public sector oil companies.

On Monday, in a statement on the operational performance, IndianOil said its investment spending stood at an all time highest of ₹35,205 crore – ₹34,388 crore on its projects and ₹817 crore in JVs and subsidiaries. The total spend was 123% of the allotted target. The company said it is currently overseeing 120 ongoing projects of various scales with a total capital cost of about ₹2.4 lakh crore.

“Despite challenging geopolitical situations, what stood out was our teams’ perseverance and determination. IndianOil continued to shine bright on the operational front,” Chairman S.M.Vaidya said in a statement.

At 94.7 mt (83.25 mt) IOC’s liquid pipelines throughput in 2022-23 was the highest-ever, the company said.

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