Indian Oil to invest ₹ 1.75 trillion for expansion: Chairman Sanjiv Singh

Indian Oil chairman Sanjiv Singh.

Indian Oil chairman Sanjiv Singh.

NEW DELHI: Indian Oil Corp, Ltd, the country’s largest oil firm, plans to invest ₹ 1.75 trillion to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its chairman Sanjiv Singh said. Indian Oil plans to increase its refining capacity to 150 million tonnes per annum by 2030 from 80.7 million tonnes now. It currently owns and operates 11 out of the 23 oil refineries in the country.

“As the leading refiner in the country and a dominant player across a diverse portfolio of offerings in energy, Indian Oil is focussing on all emerging opportunities for organic and inorganic growth through vertical integration and strategic diversification, besides pursuing value-creating research areas,” Singh said in the company’s latest annual report.

Click here to read more…