 "Indian Oil eyes $1.5 billion savings with own plant technology")
The Indian Oil Corporation (IOC) has developed refining processes that may help it save at least $1.5 billion in costs as well as challenge global giants in the technology-leasing business. The state-run company, which controls nearly half of the country’s refineries, has created its own processes using catalysts and hydro-cracking to convert crude oil into fuels such as gasoline, diesel and liquefied petroleum gas, according to the company’s head of research & development. That means it won’t have to license technology anymore from the likes of major manufacturing companies such as Honeywell International.
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