New Delhi: Chairman S M Vaidya of Indian Oil Corp (IOC) stated on Friday that the company’s joint venture with Malaysia’s state-run Petronas is expanding to encompass LNG terminal construction, gasoline retailing, and gas distribution.
Indian Oil Petronas Pvt Ltd, IOC’s 50/50 joint venture with the Malaysian company, imports some liquefied petroleum gas (LPG).
The state-owned company is aiming to link up with global companies by strengthening its hold on new cleaner energy fields like hydrogen.
“In order to explore new paths of growth and achieve competitive advantage in the future, we are more win-win relationships with respective category leaders, “Speaking at the annual shareholder meeting, Vaidya added.
IOC is investing Rs 1 lakh crore ($13.49 billion) to increase its refining capacity by 25 million tonnes per year over the next two to five years, according to Vaidya, who also stated that his firm seeks to maximize chemical product yields.