Mumbai : Announcing its plan of investing Rs up to 1.80 trillion across verticals in next six years, state-run Indian Oil Corporation on Wednesday said it is also in talks with foreign entities to co-invest in the investment that includes setting up a mega refinery in coastal Maharashtra.
“In next six years, we need to spend Rs 1.70-1.80 trillion
on refinery expansions, new petrochemical projects which are coming up and expenditure being incurred on natural gas, besides some exploration blocks that we are actively looking at,” IOC Chairman B Ashok told reporters here.
He further said about Rs 50,000 crore will be invested in setting up refining capacity where it plans to add at least 24 million tonnes per annum over the next five years, followed closely by marketing infrastructure including new plants, new terminals, LPG import infrastructure and pipelines.
Besides this, it has also earmarked sums for investments in petrochemicals and natural gas, he said.
The state-run company will be investing Rs 15,000 crore in the current fiscal and will accelerate to over Rs 25,000 crore each over the next two fiscals, Ashok said, adding it has budgeted for a Rs 72,000 crore investment over the next three years.
