Indian Oil Corp to invest Rs.1.8 lakh crore to expand refineries, oil exploration, petrochemical plants, LNG terminals

16-Sep-16

India’s biggest refiner, Indian Oil Corporation (IOC), has lined up a capital expenditure plan of Rs.1.8 lakh crore to expand its refineries, oil exploration business and build marketing infrastructure, petrochemicals plants and LNG terminals. “Of the Rs 1.8 lakh crore, Rs.50,000 crore each will set spent on refinery and marketing infrastructure and the rest will be used for natural gas, petrochemicals and other expansions.” B. Ashok, chairman, IOC said.

The company is targeting to increase add another 24 mln tpa of refinery capacity to exceed capacity of 100 mtpa by 2020. It has already become India’s second largest petrochemicals producer after Reliance Industries with market share of 25%. IOC will be spending Rs.15,000 crore this year as part of its Rs.56,200 crore targeted capex for the twelth Five Year Plan and another Rs.72,000 crore in the next three years. The capex of Rs 1.8 lakh crore excludes the mega Maharashtra refinery project.