Indian Oil, the nation's largest refiner, will invest Rs 9,028 crore to build a new crude oil pipeline between Mundra in Gujarat and Panipat in Haryana, the company said in a statement.

The pipeline will have a capacity of 17.5 million metric tonnes per annum. The company will also build 9 crude oil tanks of 60,000 kilolitres each at Mundra, which, apart from meeting operational requirements, would also help in enhancing crude oil storage capacity in the country, according to the statement.

"The new pipeline system and crude oil tank storage would help in meeting the enhanced need of crude oil requirement due to the expansion of the Panipat refinery," the company said. The crude oil pipeline project is expected to be completed in synchronization with the commissioning of Panipat refinery expansion.

The company aims to raise the capacity of the Panipat refinery from 15 million tonnes per annum to 25 million tonnes by the second quarter of 2024-25.

Indian Oil operates a network of more than 15,000 km long crude oil, petroleum product, and gas pipelines.