Announcing its plan of investing up to Rs 1.80 trillion across verticals in next six years, state-run Indian Oil Corporation on Wednesday said it also in talks with foreign entities to co-invest in the investment that includes setting up a mega refinery in coastal Maharashtra.
"In the 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.
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.
Meanwhile, Ashok said the ambitious project to set up the largest refinery project in the country in coastal Maharashtra is on and the State Government has shown six potential sites where it can come up.
IOC, which is taking leadership in the project that is estimated to cost Rs 1.76 trillion, will be holding a 50 percent stake in the refinery while the remaining will be split evenly between its sister companies HPCL and BPCL.
The company is also in talks with international investors for participating in the ambitious project, Ashok said, adding that the three domestic partners will dilute their stake equally as and when such an investor comes in.