India, Aug. 14 -- Indian oil corporation (IOC) is aiming to invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position.

The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas. Also, the company is looking at rapid expansion in natural gas retailing by investing Rs 10,000 crore over the next eight years.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportati...