Indian Oil Corporation (IOC) will invest Rs 2 lakh crore (US$ 28.62 billion) over the next five to seven years, the company’s chairman told shareholders on Wednesday. The company is also at an advanced stage of developing a new energy storage technology.
“Indian Oil has planned a Rs 2 lakh crore (US$ 28.62 billion) investment in the next five to seven years, to evolve into a future-ready corporate that provides comprehensive energy solutions,” Chairman Sanjiv Singh told shareholders at the company’s annual general meeting.
These investments will be made across refinery expansions, petrochemical capacities, and pipeline projects.
IOC is also at an advanced stage of developing a new battery technology, which “will be something beyond lithium and involve something that is available in abundance in the country”, Singh added. The refiner looks to set up an electric vehicle battery manufacturing plant and is in talks with auto manufacturers to test its new technology.
Company officials also added that they were open to partner with auto manufacturers to set up the planned facility. “The break-even for such technologies is 1 gigawatt,” said S S V Ramakumar, director for research and development (R&D). He added: “It is not decided in what phases the 1-gigawatt capacity will be developed.”
On the planned mega refinery in Maharashtra, Singh said a new location in Raigad district had been identified and the process to notify the same was under way. IOC is one of the three domestic partners who will be developing the mega refinery, along with Saudi Arabia’s Aramco and Abu Dhabi’s ADNOC.
On concerns over the availability of BSVI fuel for automobiles, Singh added that the company’s refineries will start producing the required fuel 2-3 months before the April 2020 deadline.