Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Indian Oil Corp Plans $28 Billion Investment By 2023-24 - Chairman

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

Photo Credit :

1452489202_l9VVRl_Indian Oil_Blo.jpg

Indian Oil Corp, the country's top refiner, plans to invest 2 trillion rupees ($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 200 billion rupees by 2023-24 to expand its petrochemicals capacity and another 100 billion rupees in eight years for expansion of city gas distribution projects in the country, he said.

(Reuters)


sentifi.com

Top themes and market attention on: