India: Indian Oil Planning to Raise R&D Spend by 40%
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Thursday, 13 October 2011 |
Fuel marketer Indian Oil Corporation (IOC) has announced that it will increase its investment in research and development to Rs 350 crore for the next three to four years, an increase of 40% from current levels of Rs 250 crore. R K Malhotra, Director of R&D, said that there were several reasons for increasing the investment. “The proposed investment is to create a strong research R&D base in refinery processes, product formulations, pipeline transportation and alternative fuels with a view to minimising/eliminating imports and to have next-generation products,” he said.
The state-run company’s Research and Development centre is also working with international research agencies to develop second-generation bio-diesel from algae, and researching energy-efficient lubricants for railways, marine applications and other sectors. IOC received Rs 75 crore from its R&D Board to establish a demonstration unit in Guwahati, and plans to set up an automotive research laboratory in the future.
PetrolWorld 13102011
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