One of the leading refineries of India, IOC is planning to spend Rs.45,000 crore in next three years to build petrochemical plants, LNG terminals, pipelines and upgraded refineries. According the company officials, the fall in crude prices in last years has proved to be boon to the Indian firms and has reduced their debts by greater margin. Although the company has went through inventory losses. Sharp decline in the prices since June14 to Jan15, refineries were forced to sell out their material at reduced rates. The company is in process of expanding its petrochemical business fast. IOC is setting up two units to manufacture Polypropylene and MEG at Paradip in Odisha. There are many future plans to set up new petrochemical units but are not finalizes yet.
