Indian Oil Powers Bihar with Major Investment Surge

Indian Oil Corporation (IOC) will invest over Rs 21,000 crore to expand the Barauni refinery in Bihar, including a petrochemical plant and city gas distribution network. This expansion aligns with IOC's ambition to become a USD 1 trillion company by 2047, supporting India's rising energy demands.

Indian Oil Corporation, the nation's leading oil company, is set to invest over Rs 21,000 crore as it expands its operations in Bihar. This includes upgrades to the Barauni refinery and the establishment of a city gas distribution network throughout the state.

The Barauni refinery's capacity will escalate to 9 million tonnes from the current 6 million, accompanied by a new petrochemical plant at a cost of approximately Rs 16,000 crore. Additionally, Rs 5,600 crore will further bolster the local distribution of CNG and piped cooking gas in Bihar, as stated by Executive Director Suman Kumar during the Bihar Business Connect 2024 summit.

These initiatives are pivotal to IOC's vision of becoming a USD 1 trillion company by 2047, amid rising energy needs. Besides Barauni, IOC is expanding its Panipat and Gujarat refineries. The oil major is also exploring green initiatives, including hydrogen and biofuels, to meet the growing energy demand in India, projected to rise significantly by 2040.

(With inputs from agencies.)