Top oil refiner IOC betting on plastics to cushion fuel shocks
Mint, Delhi   25-Sep-2020

India's biggest oil refiner is betting on plastics as it seeks to diversify from an increasingly challenging fuels business. Indian Oil Corp. plans to add petrochemical plants to all of its future refinery expansions and boost existing output at its current facilities, Chairman Shrikant Madhav Vaidya said. Overall, less than 10% of the crude processed by the refiner is used to make petrochemicals -- the building blocks for everything from food packaging to car parts -- but the business contributes almost a quarter of the company's profits, he added.