Indian Oil Corporation Limited (IOCL) will spend Rs 285 billion in financial year 2021-22 to expand its operations. The company had spent Rs 270 billion in the previous financial year. IOCL will spend Rs 50 billion on refineries, Rs 50 billion of pipelines, Rs 16 billion on marketing, Rs 25.80 billion on petrochemicals, Rs 15 billion on city gas distribution (CGD) and Rs 10 billion on other joint venture projects.
IOCL has been optimistic about the natural gas distribution segment and has initiated marketing of the CGD business from 11 plants through 18 retail outlets spread over five states. The company has recorded total sales in excess of 962 metric tonne in 2021 in the natural gas distribution segment.