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Last Updated : Aug 28, 2019 01:14 PM IST | Source: Reuters

IOC plans $28 billion investment by 2023-24, says chief Sanjiv Singh

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


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 August 28.

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".

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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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First Published on Aug 28, 2019 01:07 pm
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