Indian Oil to increase investment in research and development

Indian Oil Corporation Ltd. plans to increase investment on research and development (R&D) by 40% to Rs3.5 billion (US$67.2 million) over the next three to four years. Indian Oil Corporation’s Director (R&D) R.K. Malhotra said, “The proposed investment is to create a strong research R&D base in refinery processes, product formulations, pipeline transportation and alternative fuels with a view to minimizing/eliminating imports and to have next-generation products.” India’s largest oil refining and marketing company has a total expenditure of Rs2.5 billion (US$48 million) in research and development. Together with foreign research agencies, Indian Oil’s R&D is also conducting studies on the production of second-generation biodiesel from algae. The company also has plans to build an automotive research laboratory that will have test benches and units for corrosion as well as failure analysis in refineries. (October 12, 2011)