The country’s largest oil company Indian Oil Corporation (IOC) has made a new plan. Under this plan, it has planned to invest Rs 1.66 trillion in the next 5 years to advance its core operations in petrochemicals, natural gas and renewable energy as well as oil refining and fuel marketing. This was said by Arvind Singh Sahni during the company’s annual shareholder meeting on Saturday.
The IOC company is expanding petrochemicals and is thinking of increasing its capacity from 4.3 million tonnes to more than 13 million tonnes by 2023.
The natural gas sector has grown by 20% to 7.9 million tonnes annually. Apart from energy, the company has also expanded into explosives, cryogenics and shipping infrastructure to take advantage of new opportunities.
IOC has set aside Rs 2.5 trillion for energy transition projects with the aim of achieving net zero operational emissions by 2046.
IOC plans to increase its crude oil refining capacity from 80.75 million tonnes per annum to 98.4 million tonnes per annum by 2028. Its pipeline network will be expanded to 22,000 km through 21 ongoing projects, including several storage facilities in Nepal, to strengthen supplies.
