Union Minister of Petroleum and Natural Gas Mr Jaipal Reddy has said the country's refining capacity is expected to cross 230 million metric tonnes per annum (MMTPA) by next fiscal as against the current level of 193(.)38 MMTPA.He was dedicating to the nation the capacity expansion and modernisation of the BPCL-Kochi Refineries at Ambalamugal in Kochi this evening, completed at a cost of about 4000 crore rupees.Mr Reddy said the oil companies are estimated to suffer a loss of 1,21,000 crore rupees during the current fiscal due to the high price of crude oil in the international market. He pointed out that the average international price per barrel of crude oil last year was 69 dollars per barrel as against the current average price of 111 dollars per barrel.He said the LNG Project in Kochi being constructed at a cost of 4200 crore rupees will be completed next year.Under the capacity expansion and modernisation programme of the Kochi Refineries which was dedicated to the nation on Friday, the company's refining capacity has reached 95 lakh metric tonnes per annum with modernised facilities for producing fuels complying with Euro III and IV emission norms