Indian Oil to spend almost $1bn on new city gas projects
State-owned energy company Indian Oil Corp (IOC) will spend 70bn rupees ($944mn) to develop new city gas projects in India, it said on January 16.
IOCL bagged nine city gas licences during the first tranche of the 11th round of auction for city gas distribution (CGD). The government had received more than 430 bids against 61 areas in this round of bidding, where 65 areas across 19 states and one union territory were offered. IOC said that 70bn rupees will be spent over and above the 200bn rupees already planned for its CGD vertical.
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After the 11th round of CGD bidding, IOC along with its two joint venture companies is now present in 49 areas and 105 districts spread across 21 states and union territories. On a standalone basis, the company will now have a presence in 26 areas and 68 districts spread across 11 states and union territories covering nearly 20% of the total CGD market potential, it said.
India is aiming to raise the share of natural gas in India's energy mix to 15% by 2030 from the current 6.2%.