Business Other News 14 Aug 2019 Indian Oil Corporati ...

Indian Oil Corporation to invest Rs 2 lakh crore

FINANCIAL CHRONICLE
Published Aug 14, 2019, 5:33 am IST
Updated Aug 14, 2019, 5:34 am IST
IOC is implementing a Rs 2 lakh crore investment plan in next 5-7 years.
Indian Oil Corporation
 Indian Oil Corporation

New Delhi: The country's biggest oil retailer Indian Oil Corporation (IOC) will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical business, a move to provide comprehensive energy solutions to diverse user groups in the country.

Revealing the plan in the company's latest annual report, IOC chairman Sanjiv Singh 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."

 

However, the move of the oil retailer 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.

As per the report, the company's present refining capacity of 80.7 million tonnes per annum and it wants to maintain this leadership position by raising the refining capacity to 150 million tonnes through greenfield and brownfield expansions.

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Location: India, Delhi, New Delhi




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