Refiner plans $4.5 B expansion by 2024 2/26/2021 Indian Oil Corp will invest 329.46 billion rupees ($4.46 billion) to raise the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024, the country’s top refiner said. India, the world’s third biggest oil importer and consumer, aims to expand its 5 million bpd refining capacity by 60% to meet rising local demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector. Along with expanding capacity, IOC will install catalytic dewaxing and polypropylene units at its Panipat refinery in northern Punjab state, it said in a statement. In 2018 IOC announced capacity expansion of the 300,000 bpd Panipat refinery costing 231 billion rupees. At that time it did not announce plans to set up the two other units.