India’s Top Refiner Plans $28B Investment by 2023
Indian Oil Corp (IOC), 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 corporation 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. Source: Hydrocarbon Processing, 8/28/2019.