Indian Oil plans to invest Rs 1.75 trillion in 7 years

Indian Oil plans to invest Rs 1.75 trillion over the next seven years to expand the refining output by 54% to 100 metric tonnes. The planned spending is triple than what the company spent in the past five years.

“We have a capex plan of Rs 1.75 trillion over the next seven years up from Rs 56,200 crore earmarked for the 12th Plan. Out of this, Rs 50,000 crore will be invested for brownfield expansion, and this does not include the proposed greenfield refinery on the West Coast,” Ashok told reporters at the post-AGM press meet, where the company got a shareholder approval to give Rs 6.50 per share as dividend.

Ashok also said the company would invest Rs 35,000 crores in marketing, Rs 15,000 crores for pipelines, Rs 35,000 crores into exploration and production, Rs 30,000 crores into petrochemical projects, and Rs 7,000 crores into gas.

Ashok said investment will increase its refining output to close to 100 million tonne per annum from the present 65 million tonnes, excluding the about-to-be commissioned 15-mt Paradeep Refinery in Odisha.