The Indian Oil Corporation (IOC) is likely to increase its capital
expenditure two fold on research and development (R&D) to Rs 200 crore from the
next fiscal to help the company explore new opportunities and technologies.
Till last year, IOC had spent around Rs 100 crore on R&D.
IOC is trying to develop fuel refining technology, bio-fuel for
non-conventional energy, polymer, and is focusing on quality. According to
sources, it is important for the oil companies to focus on R&D and knowledge
skills.
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