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News Topical, Digital Desk : The country's largest oil refiner and fuel retailer Indian Oil Corporation (IOC) has announced its biggest expansion plan ever in the coming five years. Chairman Arvinder Singh Sahni told shareholders on Saturday that the company will strengthen traditional oil operations as well as invest rapidly in petrochemicals, natural gas and renewable energy. For this, IOC will spend Rs 1.66 lakh crore.
The company says that it wants to upgrade its refining business. The company will increase its crude oil refining capacity from 80.75 million tonnes per annum to 98.4 million tonnes by 2028. Expansion projects are underway at Panipat, Gujarat and Barauni refineries. The pipeline network will be expanded to 22,000 km, for which 21 projects are underway. The company said that new storage facilities are being built, including in Nepal, which will strengthen cross-border energy supply.
Petrochemicals and retail expansion IOC aims to increase petrochemical production from 4.3 million tonnes to over 13 million tonnes by 2030. The special focus will be on specialty chemicals, which have heavy import dependence in India. More than 40,000 petrol pumps of the company will now turn into multi-energy hubs, where EV charging, battery swapping, CNG-LNG dispensing and other services will be available. IOC has set a budget of Rs 2.5 lakh crore for clean energy projects. The target is to achieve net-zero operational emissions by 2046.
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