Indian Oil to invest Rs 1.75 trillion over 7 years

India’s largest oil refiner Indian Oil Corporation would invest Rs 1.75 trillion over the next 7 years. This would help it increase output by 54% to nearly 100 million tonnes per year.

"We have a capex plan of Rs 1.75 trillion over the next seven years. And out of this, Rs 50,000 crore will be for brownfield expansion at existing facilities", B Ashok, Chairman, Indian Oil said after the company's 56th annual general meeting.

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.

On the payments for Iran, he said the Indian government is discussing feasible modes of payment.

Image credit: Indiatimes