Indian Oil Corporation (IOC), India's largest oil marketing company, announced that the company has started the process of commissioning its 15 MMTA state-of-the-art refinery at the East coast of India at Paradip, Odisha.

Crude processing has commenced in the mother unit i.e. Atmospheric & Vacum unit (AVU) and products like LPG, Naphtha, Kerosene, gas oil, RCO etc. are coming out of AVU. Some of these products will require further processing in secondary units, which are also gearing up for commissioning.

The whole complex is likely to take about 6-8 months time for becoming fully operational in an integrated manner. This duration is normal for a refinery of this size and complexity, the company said.

The refinery is built at cost of Rs 345.55 billion and is designed to process broad basket of crude including cheaper high sulphur heavy crudes and has an overall Nelson complexity factor of 12.2. The refinery is capable to produce Euro-IV/Euro-V quality transportation fuel.

Shares of the company gained Rs 4.05, or 1.16%, to trade at Rs 352.80. The total volume of shares traded was 45,103 at the BSE (11.20 a.m., Tuesday).