IOC Announces ₹1.66 Lakh Crore Capital Outlay for Business Growth.

Indian Oil Corporation (IOC), India's largest oil firm, is set to invest a staggering ₹1.66 lakh crore over the next five years to fuel its growth across both traditional and new energy sectors. Chairman Arvinder Singh Sahney announced the major capital expenditure plan at the company's annual shareholder meeting on Saturday.

Expanding Core and Future Businesses

The investment will focus on three key areas:

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  Refining and Marketing: A significant portion of the funds will be used to expand the company's core operations in oil refining and fuel marketing. IOC aims to boost its refining capacity from the current 80.75 million tonnes per annum to 98.4 million tonnes by 2028. This includes major expansion projects at its Panipat, Gujarat, and Barauni refineries.

  
  


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  Natural Gas and Petrochemicals: The company will also funnel investments into petrochemicals and natural gas ventures to diversify its business portfolio.

  
  


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  Renewable Energy: In a strategic pivot toward a greener future, IOC plans to allocate a significant part of the investment to renewable energy projects.

  
  

To ensure efficient transport of its products, IOC is expanding its extensive pipeline network. The company is currently executing 21 pipeline projects, including new storage facilities in Nepal, which will extend its network to 22,000 km. This expansion is designed to move energy more swiftly and sustainably across the country.