Indian Oil Corporation (IOC) has resumed work on projects worth Rs 1.04 lakh crore which will help address future energy demand as well as kickstart the economy. The company is targeting a capex of Rs 26,143 crore during financial year 2020-21, and in the first quarter achieved expenditure of Rs 2,674 crore, overcoming various issues faced on-ground due to the coronavirus pandemic.
The company’s future capex plans depend on long term demand potential in the country. The company resumed works at various project sites across the country after the easing of lockdown from April 20 and more projects got added as restrictions were eased month after month.
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.
