Indian Oil Corporation has decided to invest Rs 1.75 lakh crore to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company.
In the annual report of the company, IOC Chairman Sanjiv Singh said the nation’s largest oil firm plans to raise capacity to turn crude oil into fuels like petrol and diesel to 150 million tonnes per annum by 2030 from the current 80.7 million tonnes.
At present, Indian Oil owns and operates 11 out of the 23 oil refineries in the country. “As the leading refiner in the country and a dominant player across a diverse portfolio of offerings in energy, IOC is focussing on all emerging opportunities for organic and inorganic growth through vertical integration and strategic diversification, besides pursuing value-creating research areas,” Singh said.
He added: “As part of this, projects costing Rs 32,000 crore are in various stages of execution and plans are underway for implementing more projects costing about Rs 1.43 lakh crore.”
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