Mumbai (Maharashtra) [India], Sep 22 (ANI): Oil marketing firm IndianOil Corporation (IOC) said on Tuesday that its board of directors has approved the plan for implementation of a petrochemical and lube integration project at the Gujarat refinery with an estimated cost of Rs 17,825 crore.

The project will not only increase the capacity of Gujarat refinery from 13.7 million tonnes per annum to 18million tonnes per annum but also result in integration to petrochemicals with the production of 500 kilo tonnes per annum polypropylene.

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In addition, production of lube oil base stock of 235 kilo tonnes per annum is also proposed, said the state-owned company.

"The project will be a building block for production of niche chemicals in future with a potential to increase petrochemical and speciality products integration index on incremental crude oil throughput which will enhance the corporate margins of IndianOil," it said in a statement. (ANI)

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