Indian Oil Corporation (IOCL), the country’s largest fuel retailer, has outlined an investment plan of Rs 1.66 lakh crore over the next five years to strengthen refining, petrochemicals, natural gas, and renewable energy operations.

Chairman Arvinder Singh Sahney, addressing shareholders at the annual meeting, said refining capacity will rise from 80.75 million tonne to 98.4 million tonne per year by 2028, led by expansions at Panipat, Gujarat, and Barauni. IOCL is also scaling its petrochemicals business from 4.3 million tonne to 13 million tonne by 2030, with a sharper focus on specialty chemicals to reduce imports. The company is expanding its 20,000-km pipeline network to 22,000 km through 21 ongoing projects, including facilities in Nepal.

On the energy transition front, IOCL has committed Rs 2.5 lakh crore for green initiatives to achieve net-zero operational emissions by 2046, targeting green hydrogen, sustainable aviation fuel, and renewable power capacity expansion from one GW to 18 GW within three years. Plans also include EV charging, battery swapping, LNG/CNG stations, non-fuel retail, and ventures in coastal infrastructure.