Top refiner plans $28B investment by 2023
Indian Oil Corp, the country’s top refiner, plans to invest $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.
($1 = 71.4920 Indian rupees) (Reporting by Nidhi Verma and Promit Mukherjee; Editing by Subhranshu Sahu)
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