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Butola says Karnataka refinery still on the drawing board

Indian Oil Corp. is considering building a refinery in Karnataka on the the western coast of India by 2017 to capture a potential supply gap during that time, said IOC Chairman R.S. Butola in an interview with Business Standard. The refinery will have a capacity of 15 to 18 million tons per year. A coastal refinery will give IOC two advantages, he said, by using cheaper, high-sulfur crude oil and at 18 million tons, the scale of the refinery will be competitive. โ€œThis is on the drawing board right now and could be dropped as well. But we understand that there will be a surplus for sometime between 2012 and 2017. If we can make it operational during 2017-18, we will be able to capture the gap in supply,โ€ said Butola. (June 10, 2011)