New Delhi: Indian Oil Corp (IOC) expanded his joint venture with Petronas Run Malaysia to enter the liquid natural gas terminal (LNG), retail fuel and gas distribution, said Chairman M Vaidya on Friday.
IOC, the country’s top fuel retailer, imported several liquid oil (LPG) through Indianoil Petronas Pvt Ltd, a joint venture equivalent to Malaysian companies.
The state-run company wants to bind with a global company, because it tries to strengthen its grip in the new cleaning energy area such as hydrogen.
“We pursue more Win-Win associations with their respective segment leaders to explore newer growth roads and get a competitive advantage in the future,” Vaidya said the annual shareholders met.
IOC invested Rs 1 Lakh Crore ($ 13.49 billion) to increase its purification capacity of 25 million tons per year in the next 2-5 years, said Vaidya, adding its company aims to maximize the results of chemical products.