Indian Oil Corporation, IOC plans to invest about Rs 1.43 lakh crore to nearly double its oil refining capacity to 150 million tonnes and boost petrochemical production by 2030.
Firm's Director (Refineries) B V Rama Gopal told reporters in New Delhi today, said, while IOC is expanding refining capacity to meet fuel demand, which is expected to nearly double by 2040, it does not want to remain a refining company alone and is thus venturing into petrochemicals and alternative fuels as well.
The company currently owns and operates 11 out of the country's 23 refineries. Its refineries have a total capacity of 80.7 million tonnes per annum.
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