1 min read.Updated: 28 Aug 2019, 05:41 PM ISTNidhi Verma,Promit Mukherjee, Reuters
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.