State-owned Indian Oil Corporation (IOC) is set to invest 14,800 crore ($2.024 billion)  into expanding the capacity of its Barauni refinery in Bihar, according to the Economic Times.

The IOC said in a statement: “To meet the future energy demands needed to boost the Indian economy, IOC is augmenting the capacity of its Barauni refinery from 6.0 million tonnes per annum to 9 million tonnes at an estimated cost of Rs 14,810 crore.”

The expansion of the Barauni Refinery is just one of IOC’s large-scale investments in the Indian oil sector, with more than 2,800 projects set to be realized to boost domestic manufacturing and create jobs.