IOC defers plant shutdown till next year

State-run Indian Oil Corporation has deferred expansion of its Panipat refinery by four months to April 2010, a company official said.

IOC plans to shut half of its 240,000 bpd refinery for 45-50 days in March and April next year to raise its capacity to 300,000 bpd, its director for refineries, B N Bankapur, said in New Delhi Tuesday.

The seasonal surge in demand for petroleum products during the last part of a fiscal year had forced IOC to change its strategy for commissioning the Rs 1,007 crore Panipat refinery expansion project.

"It will be a major shutdown. We had planned (the shutdown) in December 2009 but since there is high demand for fuel during winter months, we decided to postpone the shutdown to March/April," Bankapur told reporters.