Indian Oil Corp is planning to invest Rs 1.75 lakh crore to nearly double refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company.
The company plans to raise capacity to turn crude oil into fuels like petrol and diesel to 150 million tonnes per annum by 2030 from the current 80.7 million tonnes. The company currently owns and operates 11 out of the 23 oil refineries in the country.
As per report, as part of this, projects costing Rs 32,000 crore are in various stages of execution and plans are underway for implementing more projects costing about Rs 1.43 lakh crore.Company is planning to nearly double refining capacity by 2030 include “greenfield refineries of subsidiary Chennai Petroleum Corp (CPCL) and the proposed Ratnagiri Refinery & Petrochemicals (RRPCL), apart from numerous brownfield expansions.”
