Indian Oil plans 2 trillion investment by 2023-24: Chairman Sanjiv Singh

  • IOC chief Sanjiv Singh said the firm plans to invest 2 trillion in five-seven years to meet energy needs of diverse user groups
  • IOC will invest over 20,000 crore by 2023-24 to expand its petrochemical capacity and 10,000 crore in 8 years to expand the city gas distribution projects

Mumbai: Indian Oil Corp, the country's top refiner, plans to invest 2 trillion ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, chairman Sanjiv Singh told a shareholders meeting on Wednesday.

IOC through its 11 refineries controls about a third of India's 5 million-barrel-per-day (bpd) refining capacity.

Singh said the investment was required to help IOC "evolve into a future ready corporate that provides comprehensive energy solutions to diverse user groups".

The company is investing over 20,000 crore by 2023-24 to expand its petrochemicals capacity and another 10,000 crore in eight years for expansion of city gas distribution projects in the country, he said.

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