Indian Oil Corp Ltd, the country’s largest oil firm, plans to invest Rs 1.75 trillion to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its chairman Sanjiv Singh said.
Indian Oil plans to increase its refining capacity to 150 million tonnes per annum by 2030 from 80.7 million tonnes now. It currently owns and operates 11 out of the 23 oil refineries in the country.
“As the leading refiner in the country and a dominant player across a diverse portfolio of offerings in energy, Indian Oil is focussing on all emerging opportunities for organic and inorganic growth through vertical integration and strategic diversification, besides pursuing value-creating research areas,” Singh said in the company’s latest annual report.
Projects worth Rs 32,000 crore are in various stages of execution and plans are underway to implement more projects costing about Rs 1.43 trillion, he said.
According to Singh, plans to nearly double refining capacity by 2030 include “greenfield refineries of subsidiary Chennai Petroleum Corp Ltd (CPCL) and the proposed Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), apart from numerous brownfield expansions”.
Indian Oil Corp Ltd, the country’s largest oil firm, plans to invest Rs 1.75 trillion to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its chairman Sanjiv Singh said.
Indian Oil plans to increase its refining capacity to 150 million tonnes per annum by 2030 from 80.7 million tonnes now. It currently owns and operates 11 out of the 23 oil refineries in the country.
“As the leading refiner in the country and a dominant player across a diverse portfolio of offerings in energy, Indian Oil is focussing on all emerging opportunities for organic and inorganic growth through vertical integration and strategic diversification, besides pursuing value-creating research areas,” Singh said in the company’s latest annual report.
Projects worth Rs 32,000 crore are in various stages of execution and plans are underway to implement more projects costing about Rs 1.43 trillion, he said.
According to Singh, plans to nearly double refining capacity by 2030 include “greenfield refineries of subsidiary Chennai Petroleum Corp Ltd (CPCL) and the proposed Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), apart from numerous brownfield expansions”.
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