Indian Oil Corp plans $28 billion investment by 2023-24 - chairman

A logo of Indian Oil is seen on the shirt of an employee at a fuel station in New Delhi, August 29, 2016. REUTERS/Adnan Abidi/File Photo

MUMBAI - Indian Oil Corp, the country’s top refiner, plans to invest 2 trillion rupees 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 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.

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