The company will set up a network of retail CNG to automobiles and piped cooking gas to households and industries in 27 cities of Bihar, along with expanding its Barauni refinery to 9 million TPA.
Dec 24, 2024
The Indian Oil Corporation (IOC) will invest over INR 21,000 crore to expand its Barauni refinery as well as set up a city gas distribution network in the state of Bihar.
According to a company executive, IOC is expanding its Barauni refinery to 9 million TPA from current 6 million TPA, along with a petrochemical plant at a cost of about INR 16,000 crore. It will invest another INR 5,600 crore in setting up a network to retail CNG to automobiles and piped cooking gas to households and industries in 27 cities of Bihar.
The expansion of the petrochemical plant is scheduled to be commissioned by 2025. The investments are part of the IOC’s aim to become a USD 1 trillion company by 2047, as per the company’s executive.
The company has drawn up an extensive capital expansion plan, proposing to invest more than INR 2 lakh crore over the decade to expand its refining capacity, petrochemical integration, allied infrastructure and renewable energy assets.
