News Brief | October 2015
IOC set to exceed 12th Plan capex of Rs.56,200 crore
The nation´s largest fuel retailer, IndianOil Corporation, is set to exceed its capital expenditure target of Rs 56,200 crore for the 12th Five-Year Plan.
IOC has already spent Rs 40,353 crore to ramp up capacity and has a capital expenditure target of Rs 10,540 crore for FY2015-16, thanks to the freeing of petrol and diesel prices and implementation of cash transfers to curb the cooking gas subsidy. ´We have two years to go for the plan to be over and will probably exceed the 12th Plan target,´ Chairman and Managing Director B Ashok said.
The investment push comes on the back of a historic slump in global crude oil prices that, coupled with market-driven fuel prices, has lowered under-recoveries of oil firms.