Public sector oil major Indian Oil Corporation will double it’s spend on research and development to INR 200 crore from the next financial year to help the company explore new opportunities and technologies.

Speaking on the sidelines of the 15th Refinery Technology Meet Mr S Behuria chairman of IOC said that it was important for the oil companies to focus on R&D and knowledge skills. Till last year, IOC was spending INR 100 crore on R&D.

Mr Behuria said that “The corporation is trying to develop fuel refining technology, bio fuel for non conventional energy, polymer, and was focusing on quality.”

Mr KK Acharya MD of Chennai Petroleum Corporation Ltd said that “None of the companies is coming forward to test the findings.”

(Sourced from Business Standards)