Indian Oil to invest $944 million in gas sales network in nine new areas

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IOC said it was awarded nine licenses to sell gas to households, automobiles and small industries, representing about a third of potential demand in 61 geographic areas in various states that were recently auctioned by the Petroleum and Natural Gas Board. .



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The company is already working on gas sales projects worth Rs 200 billion.

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Indian Oil Corp, the country’s top fuel refiner and retailer, is aiming to invest 70 billion rupees ($944.02 million) to build gas sales network infrastructure, including pipelines, in new areas, the company announced on Sunday.

IOC said it was awarded nine licenses to sell gas to households, automobiles and small industries, representing about a third of potential demand in 61 geographic areas in various states that were recently auctioned by the Petroleum and Natural Gas Board. .

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Natural gas, while remaining a fossil fuel, emits less CO2 than coal.

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The new licenses granted to IOC concern the main districts of certain states. The company is already working on gas sales projects worth Rs 200 billion.

Prime Minister Narendra Modi aims to increase the share of natural gas in India’s energy mix to 15% by 2030, from 6.2% currently. Natural gas, while remaining a fossil fuel, emits less CO2 than coal.

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India, the world’s third largest emitter of greenhouse gases, has set itself a goal of net zero carbon emissions for 2070.

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