PTI

IOC expects to double investments in R&D

Thu, Nov 5 09:12 PM

Chennai, Nov 5 (PTI) State-run Indian Oil Corp (IOC) expects to double investments on its Research and Development incentives in order to develop newer technologies, a top company official said today. The company, which has been spending Rs 100 crore a year on R&D, was hoping to double it this year to focus more on new technologies, IOC Chairman S Behuria told reporters here today.

"We are developing our own indegenous technology. We are spending Rs 100 crore on the R&D focusing in technologies.

Now we are taking it to Rs 200 crore," he said. He said the purpose of the doubling investments on R&D was to improve the life cycle of "lubricants" which would subsequently improve the performance of vehicles.

"Starting with lubricants, we will go to refining technologies. We also have renewable energies in the pipeline," he said.

To a query on modernisation of refineries, he said it was a "continuous" process. "Some of the refineries (in the country) are 100-year old, he said.

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