Country's largest oil refiner Indian Oil Corporation (IOC) said it will be investing Rs 1.75 trillion over the next seven years to expand output by 54% to around 100 million tonnes per annum. "We have a capex plan of Rs 1.75 trillion over the next seven years. And out of this, Rs 50,000 crore will be for brownfield expansion at existing facilities," its chairman B Ashok said after the company's 56th AGM here. Giving details of the capex plan, he said the company will be investing Rs 35,000 crore into marketing, Rs 15,000 crore for pipelines, Rs 35,000 crore into exploration and production, Rs 30,000 crore into petrochemical projects, and Rs 7,000 crore into gas. On payments for Iran, he said IOC has $500 million dollars in pending dues, and the government is discussing the modalities of the payment. The country is set to pay Iran $700 million to clear more than one-tenth of the outstanding oil dues, ahead of the expected lifting of sanctions against Tehran. OVL submits $10 bn plan for Iran gas field NEW DELHI : ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has submitted a USD 10 billion integrated proposal to Iran for developing the Farzad-B gas field in the Persian Gulf and shipping the gas to India, reports PTI. A consortium of OVL, Oil India Ltd and Indian Oil Corp had discovered the 12.8 trillion cubic feet of gas reserves in the Farsi block in 2008. The discovery was named Farzad-B. Gas produced from the field can either be converted into LNG by freezing at sub-zero temperature and shipping in cryogenic ships to India or transported through a pipeline - either overland passing through Pakistan or sub-sea.
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