The spending by state-run oil companies is about 84% of their combined capex target of Rs 106,000 crore for the current fiscal year, according to the oil ministry data. Indian Oil Corp, the nation’s top refiner and fossil fuel retailer, has been the biggest spender among state oil companies this year. With an expenditure of Rs 27,000 crore, it has achieved nearly 90% of its target for the year. The company has been spending on enhancing its refining capacity as well as adding marketing infrastructure and petrochemical facilities.