(TOI)
Indian Oil Corp plans to invest 1.43 trillion rupees ($22 billion) in next five years as the country’s top refiner seeks to raise its annual capacity to about 3.2 million barrels per day by 2030, its head of refineries said on Saturday. Refiners in India, the world’s third-biggest oil consumer and importer, have sketched out plans to raise their capacity by 77 percent to about 8.8 million bpd by 2030 to meet the country’s rising fuel demand.
India is emerging as one of the global drivers for refined fuels consumption as its economic expansion and rising industrial activity yields infrastructure improvements and increased energy access for commercial and retail consumers.“There is a need for us to enhance our capacity to meet the future demand and enhance our capacity … We have already made our plans for investment of 1.06 trillion rupees,” B. V. Rama Gopal told a news conference.
