(ET)
Indian Oil Corp, the country’s top refiner, will invest 137.79 billion rupees ($1.94 billion) to expand the capacity of its Barauni refinery in eastern Bihar state by 50% to 180,000 barrels per day by April 2023, the company said. The state-run company is raising its refining capacity to meet growing demand for petroleum products in the country.
India has emerged as a bright spot for refined fuel demand.Refined fuel consumption – a proxy for oil demand – in the December quarter rose 2.6% from a year earlier.India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said earlier this month.
