Indian Oil Corp plans over US$ 21 million investment in next 5 years to double production capacity

State-owned Indian Oil Corporation (IOC) is planning a mega-investment of Rs 1.4 lakh crore (US$21.46 million) in a bid to double its annual production capacity to 3.2 million barrels per day by 2030, said its head of refineries on Saturday. The move has been announced at a time when the Indian oil industry is planning to boost capacity, which would help the country reduce dependency on external sources.

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SOURCE: Times Now News