IOC says will invest Rs 20,000 cr in city gas projects in 5-8 yrs
Indian Oil Corp (IOC), the nation's largest oil company, plans to invest Rs 20,000 crore in city gas distribution projects in next 5-8 years as it bets big on gas business to complement its traditional oil refining and marketing business, its chairman Sanjiv Singh said today.The firm, which owns a third of India's oil refining capacity and has 44 per cent market share of fuel business, sees compressed natural gas (CNG) replacing a some of the petrol and diesel consumed in vehicles today and LPG getting replaced by piped cooking gas in households.
Indian Oil Corp (IOC), the nation's largest oil company, plans to invest Rs 20,000 crore in city gas distribution projects in next 5-8 years. Image source: Reuters