Indian Oil Corporation Limited (IOCL) will be making investments of ₹ 2 lakh crore in the next five to seven years to ‘provide comprehensive energy solutions to diverse user groups.’

In the company’s 2018-19 annual report, IOCL Chairman Sanjiv Singh said that this investment will not be limited to refinery expansions, new technologies for clean fuels and enhanced outputs, and refinery petrochemicals integration.

“IOCL is aggressively leveraging its R&D expertise to move into horizon technologies such as 2G and 3G ethanol, bio-fuels, coal gasification, H-CNG, Hydrogen fuel cells, battery technologies, etc. These technologies along with cleaner fuels and higher engine efficiencies can offer sustainable solutions to today’s energy challenges,” he said.

On the exploration front, Singh said the company “is targeting its own equity oil gas of 7 million tonne per annum (mtpa) from its upstream portfolio by the year 2023-24 up from 4.39 mtpa currently and is continuously on the lookout for acquisition of stakes both in E&P ( exploration and production ) companies as well as individual assets.”