(PTI)
Indian Oil Corp will invest Rs 70,000 crore to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country. IOC will expand its refining capacity to 116.55 million tonnes per annum (MTPA) by 2030 from the current 80.7 MTPA with an investment of about Rs 70,000 crore, a top company official said.
India’s current refining capacity of 247.6 MTPA exceeds consumption consumption but with demand growing at a compounded annual growth rate of 3.5-4 per cent, it will need to add more capacity to meet the rising fuel needs.
While the Energy Information Agency of US projects India’s demand to reach 434 MT by 2040 from 194 MT currently, IEA puts the number between 450 and 492 MT.
