Indian Oil Corporation (IOC) has up-revised its capital expenditure by 22% to Rs 53,000 crore for the Eleventh Plan Period (2007-12). Of this, the company will invest Rs 37,220 crore in its refining and marketing segment, Rs 14,000 crore in petrochemicals and Rs 1,775 crore in exploration and production. About Rs 1,400 crore has been earmarked for new projects. Majority of this will be towards increased project costs of the Paradip refinery, naphtha cracker plant at Panipat and residue upgradation project at Koyali refinery. Costs have risen as a result of foreign exchange variation, firming up of project scope and rise in prices of equipment and machinery.