Indian Oil Corporation (IOC) will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position, its chairman Sanjiv Singh said. The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas. The company currently is India’s largest oil refiner with a group refining capacity of 80.7 million tonnes per annum.