Sanjiv Singh, chair of Indian Oil Corporation, speaks during the 20th Asia Oil & Gas Conference in Kuala Lumpur, Malaysia, on June 24, 2019.LAI SENG SIN/Reuters
Indian Oil Corp, the country’s top refiner, plans to invest 2 trillion rupees (US$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.
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