In a bid to expand its various businesses, Indian Oil Corporation (IOC) is planning to invest about Rs 1.75 lakh crore by 2022. The investments will help the company to expand capacity from 65 million tonnes to 100 million tonnes.
Of total investment of Rs 1.75 lakh crore, the company would be investing Rs 15,000 crore in pipeline projects, while Rs 35,000 crore would be required for product marketing. The petrochemical and oil exploration business will require another Rs 65,000 crore, while the gas business will require an infusion of Rs 7,000 crore.
Along with refinery expansions the quality of fuel would also be upgraded, and by 2022, the company wants to produce fuels, which are compliant with BS-6 norms.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
