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.
