Indian Oil to invest Rs 2 lakh crore for expansion

Indian Oil Corporation (IOC) Chairman Sanjiv Singh has said the oil firm will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position.

In the company’s annual report, he said, “IOC is implementing a Rs 2 lakh crore investment plan in next 5-7 years to evolve into a future-ready corporate that provides comprehensive energy solutions to diverse user groups in an exciting phase of energy transition and technology disruptions.”

The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas.

At present, the company. which is the country’s biggest oil firm, is also India’s largest oil refiner with a group refining capacity of 80.7 million tonnes per annum.

According to the annual report, the company is also looking at rapid expansion in natural gas retailing by investing Rs 10,000 crore over the next eight years.

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