Indian Oil Plans $10.68 Bln Spend By 2012

State-run Indian Oil Corp. plans to spend 432.50 billion rupees by 2012 on expanding its refining and petrochemical capacity to generate $60 billion in revenue, said the source. IOC plans to build a new 300,000 barrels a day refinery and petrochemical complex at Paradip in Orissa for 256 billion rupees and upgrade its existing refineries.The company, which currently has refining capacity of 1.2 million bpd, said it also plans to invest 32.75 billion rupees on various exploration activities and new ventures like gas distribution in various Indian states.Net profits rose 52 percent to 75 billion rupees in the fiscal year ended March 31. However, its profit in the January-March quarter was down 60 percent at 16 billion rupees.IOC, which sells oil products at government-fixed prices, is currently losing 800-850 million rupees per day on fuel sales.