Indian Oil to invest Rs 2 lakh crores in the next 5 years: IOC Chairman
The Indian Oil Corp, country’s top public petroleum company, has announced an investment of Rs 2 lakh crore in the next 5-7 years. Indian Oil will make this investment to meet the energy needs of diverse groups of the country.
Sanjeev Singh Chairman of Indian Oil made the announcement. While addressing a meeting of shareholders at the company’s annual General Assembly (AGM). It is worth noting that Indian Oil has 11 refineries in the country. And has about one-third of the country’s 5 million barrels per day (BPD) refining capacity.
Singh said that Indian Oil wants to be a company ready for the future which can provide comprehensive energy solutions to a wide variety of groups. And for that, he says this investment will be very helpful.
He informed us that the company will invest Rs 20 thousand crores, for the expansion of its petrochemical capacity by 2023-24. And will invest Rs 10,000 crore for the expansion of gas distribution project in eight years.
The company incurred a capital expenditure of Rs 28,200 crore in the last financial year. The company’s board has approved the construction of a plastic park in Paradip, Odisha. The park will be set up in a joint venture with the Industrial Development Corporation of Odisha.
Apart from this, land acquisition and joint venture partners have also been approved for a textile project in Bhadrak, Odisha. The Odisha government has allocated 60 acres of land for this.
Significantly, Reliance Industries Limited (RIL) has recently become the highest-ranking Indian company in the Fortune Global 500 list, surpassing Indian Oil. Reliance Industries jumped 42 places to 106th in the list this year. And left the Indian Oil Corporation (IOC) at the bottom (at 117th place).