IOC to invest Rs 2 lakh crores on expansion

New Delhi: The country's biggest oil firm Indian Oil Corporation (IOC) will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position, its Chairman Sanjiv Singh said.

The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas.

IOC is implementing a Rs 2 lakh crore investment plan in next 5-7 years "to evolve into a future-ready corporate that provides comprehensive energy solutions to diverse user groups in an exciting phase of energy transition and technology disruptions," he said in the firm's latest annual report.

The company currently is India's largest oil refiner with a group refining capacity of 80.7 million tonnes per annum.

It wants to maintain this leadership position by raising the refining capacity to 150 million tonnes through greenfield and brownfield expansions.

Simultaneously, it wants to raise petrochemical production capacity to 13 million tonnes from the current 3.15 million tonnes.