Prime Minister Narendra Modi, will inaugurate the Paradip refinery on 7 February 2016. The 15 million tonne Paradip refinery of Indian Oil Corporation (IOC) is the largest in the eastern coast.

The project equipped with superior technology to process high-sulphur crude oil, which can be sourced cheap, will bring windfall in terms of higher refining margins. The refinery has been built at a cost of Rs 34,555 crore.

The refining margin will be higher by $6-7 a barrel over the average refining margin $10-12 earned by IOC at present. This is expected to boost the bottom line of IOC as it would improve the overall gross refining margin (GRM) of the company by $2-3 a barrel.