IOC plans 28 billion Dollar investment by 2023-24 says chief Sanjiv Singh

IOC plans 28 billion Dollar  investment by 2023-24 says chief Sanjiv Singh

NEW DELHI. Indian Oil Corp, the country's top refiner, plans to invest 2 trillion rupees ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on August 28. IOC through its 11 refineries controls about a third of India's 5 million-barrel-per-day (bpd) refining capacity. 
 
Singh said the investment was required to help IOC "evolve into a future ready corporate that provides comprehensive energy solutions to diverse user groups". 
 
The company is investing over 200 billion rupees by 2023-24 to expand its petrochemicals capacity and another 100 billion rupees in eight years for expansion of city gas distribution projects in the country, he said.

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