IOC implementing Rs 60,000cr worth projects, bets on petrochem
Indian Oil Corp (IOC) is currently implementing projects worth Rs 60,000-crore, which includes capacity expansion of refineries and building of petrochemical plants.
Mumbai: Indian Oil Corp (IOC) is currently
implementing projects worth Rs 60,000-crore, which includes
capacity expansion of refineries and building of petrochemical
The nation`s largest PSU refiner, with investments of
over Rs 20,000-crore in petrochemicals, also expects the
sector to contribute 15 percent revenues in the next three
"We are continuously augmenting production capacities and
upgrading technologies to meet the energy demands of the
nation. As part of this, projects valued at over Rs
60,000-crore are currently under implementation, including a
grassroots refinery at Paradip," Chairman Sarthak Behuria told
shareholders at the company`s 50th AGM here.
"Petrochemicals will be a major driver of IOC`s future
growth. With stabilisation of production facilities and
addition of new product lines and customers during the year,
we expect 15 percent of our revenues to come from this
vertical within the next three years," he said.
IOC has a capital expenditure plan of Rs 12,000-crore for
FY 10, which includes setting up of more retail outlets and
upgrading its refineries to produce Euro III and Euro IV auto
fuels that emit less sulphur.
It is also building pipelines to transport naphtha and
ATF (jet fuel), Director Refineries, B N Bankapur, said.