The Indian Oil Corporation Ltd (IOCL) plans to raise as much as 60 bln via local-currency bonds this financial year, the company’s director finance Sandeep Kumar Gupta said in New Delhi, news agency Bloomberg reported.

IOCL, the country’s largest state-owned downstream petroleum company by earnings, plans to spend 250 billion as capital expenditure this fiscal, of which it has already spent 95 billion through end-September, Gupta said.

The company’s core businesses comprise refining, transportation, and marketing of petroleum products. Over the years, Indian Oil has not only expanded downstream gas marketing in the country but also ventured into petrochemicals.

On Monday, the company signed a memorandum of understanding with ExxonMobil India LNG Limited, an affiliate of ExxonMobil, to expand liquefied natural gas (LNG) business in the country. The companies together will focus on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines.

Gas currently accounts for just under 6% of energy demand in India. The government plans to increase this share to 15% by 2030.

According to Wood Mackenzie forecast, LNG demand will double from some 37 billion m3 in 2018 to reach 75 billion m3 by 2030, equivalent to 7% of the energy mix.

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