Indian Oil to invest $944 million on gas sales network in nine new areas

New Delhi: Indian Oil Corp, the country`s top refiner and fuel retailer, aims to invest 70 billion rupees ($944.02 million) to build gas sales network infrastructure, including pipelines, in new areas, the company said on Sunday.

IOC said it has obtained nine licences to sell gas to households, automobiles and small industries, representing about a third of the demand potential in 61 geographical areas in various states that were recently auctioned by the Petroleum and Natural Gas Board.

The new licences awarded to IOC relate to major districts of some states.

The company is already working on gas sales projects worth 200 billion rupees.

Prime Minister Narendra Modi is aiming to raise the share of natural gas in India`s energy mix to 15% by 2030 from the current 6.2%. Natural gas, while still a fossil fuel, emits less CO2 than coal.

India, the world`s third biggest emitter of greenhouse gases, has set a 2070 goal for net zero carbon emissions.