Indian Oil Corporation (IOC) is reportedly planning to invest around Rs 20,000 crore in 2017-18 to augment their marketing and distribution infrastructure, including storage, pipeline and retail outlets. This is lower than the company’s spending of about Rs 22,000 crore in 2016-17.
State refiners are spending heavily to upgrade facilities to produce fuel with higher emission norms. All petrol and diesel sold must meet BS-VI emission norms from April 2020, according to the government mandate. Refiners today sell BS-IV fuels. All state refiners are also adding capacity at their existing plants to raise output to meet growing fuel demand in the country that rose 5% in 2016-17.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.