IOC to invest $11 billion in expansion projects

State-owned Indian Oil Corporation (IOC) said it plans to spend US$11 billion in expansion projects over the next five years, including expanding its refining capacity from the present 60 million tons per annum to 80 million tons per annum. “India is one of the fastest growing petrochemicals markets in the world, with an average growth of 13-15% in the last two decades,” said IOC Chairman Sarthak Behuria. “Therefore, of the total amount, Rs300 billion (US$7.6 billion) will go by 2011-2012 into downstream integration as we move into the petrochemicals business and also look to acquire oil producing blocks,” he said. IOC controls 10 of India’s 19 refineries and accounts for 40.4% share of the countrys refining capacity. Apart from its Panipat and Koyali petrochemicals projects, IOC plans to develop world-class petrochemical production centers at Paradip, Haldia and Chennai. (October 11, 2007)