Mumbai: Indian Oil Corp (IOC) is currently implementing projects worth Rs60,000 crore, which includes capacity expansion of refineries and building of petrochemical plants.
The nation’s largest PSU refiner, with investments of over Rs20,000 crore in petrochemicals, also expects the sector to contribute 15% revenues in the next three years.
“We are continuously augmenting production capacities and upgrading technologies to meet the energy demands of the nation. As part of this, projects valued at over Rs60,000 crore are currently under implementation, including a grassroots refinery at Paradip,” chairman Sarthak Behuria told shareholders at the company’s 50th AGM here.
“Petrochemicals will be a major driver of IOC’s future growth. With stabilisation of production facilities and addition of new product lines and customers during the year, we expect 15% of our revenues to come from this vertical within the next three years,” he said.
IOC has a capital expenditure plan of Rs12,000 crore for FY 10, which includes setting up of more retail outlets and upgrading its refineries to produce Euro III and Euro IV auto fuels that emit less sulphur.
It is also building pipelines to transport naphtha and ATF (jet fuel), Director Refineries, B N Bankapur, said.