State-run Indian Oil Corporation (IOCL) has proposed to double its investments on its Research and Development in order to develop newer technologies, a top company official said today.
The company which has been spending Rs 100 crore a year on its R&D was hoping to double it this year to focus more on new technologies, IOCL Chairman S Behuria told reporters here today.
"We are developing our own indegenous technology. We are spending Rs 100 crore on the R&D focusing in technologies. Now we are taking it to Rs 200 crore", he said.
He said the purpose of the doubling on R&D was to improve the life cycle of "lubricants" which would subsequently improve the performance of vehicles.
"Starting with lubricants, we will go to refining technologies. We also have renewable energies in the pipeline", he said.To a query on modernisation of refineries, he said that it was a "continuous" process. "Some of the refineries (in the country) are 100 years old, he said.
