Despite heavy decline crude oil prices and decline in the refining margins, state owned oil and gas company Indian Oil Corporation (IOC) registered a profit. For the period between October-December the company saw a profit of Rs 716.8 crore. In the same period a year ago, company had reported a net profit of Rs 7883 crore, making the latest numbers see decline of 91%.
On October 23, Indian Oil Corporation Ltd (IOC) on Wednesday said it would invest Rs 16,641 crore in Tamil Nadu for expanding its retail outlet network, upgrading its infrastructure and laying of gas distribution pipelines.
The company had said that Rs. 5,100 crore will be invested in expanding its petrol bunk network; Rs. 1,824 crore in upgrading the storage infrastructure and fuel handling facilities; Rs. 214 crore towards liquified petroleum gas (LPG) infrastructure augmentation; and Rs. 803 crore in modernisation and capacity enhancement of its Ennore Lube Complex here.