IndianOil to invest Rs 200 billion in 5-8 yrs on city gas projects

IndianOil to invest Rs 200 billion in 5-8 yrs on city gas projects

Indian Oil Corp (IOC) chairman Sanjiv Singh has said that the company is planning to invest Rs 200 billion in city gas distribution projects in next 5-8 years.

According to Singh, the country’s largest oil company is betting big on gas business to complement its traditional oil refining and marketing business.

“We put in bids for 57 out of the 86 Geographical Areas (or cities) put on offer in the 9th CGD bid round. Out of this, we expect to net 20 GAs, plus or minus one or two,” he stated.

He added that the investment in these 20 GAs would be at least Rs 200 billion spread over five to eight years. These numbers include investments in setting up of CNG dispensing stations as well as laying pipelines in cities to transport gas to households for cooking purposes and industries for commercial use.

Image Credit : images.financialexpress.com