An Indian company plans a “refinery expansion”

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The Indian Oil Corporation (IOC) has announced its plan to invest approximately $27 billion into the country’s oil and gas industry. Oilprice.com reports that the company has also entered negotiations with foreign partners for the construction of a “mega refinery” on the coast of the state of Maharashtra.

"In the next six years, we need to spend Rs 1.70-1.80 trillion on refinery expansions, new petrochemical projects which are coming up and expenditure being incurred on natural gas, besides some exploration blocks that we are actively looking at," IOC Chairman B. Ashok told attendees of the company’s 57th annual general meeting in Mumbai.

The company is going to invest another $7.5 billion in developing a production of liquid petroleum gas refining with capacity of 24 million tons per year over the next half a decade. Ashok added that a new infrastructure expected to support the import and transport of LPG will come soon after that.

According to the IOC chief, the India’s government has taken the decision to launch the $26.4 billion mega refinery project and proposed six sites for the facility.