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Indian Oil Corp plans $28 billion investment in 5-7 years: Chairman Sanjiv Singh

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 Wednesday.

twitter-logo Reuters        Last Updated: August 28, 2019  | 16:26 IST
Indian Oil Corp plans $28 billion investment in 5-7 years: Chairman Sanjiv Singh
IOC through its 11 refineries controls about a third of India's 5 million-barrel-per-day (bpd) refining capacity.

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 Wednesday.

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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