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Indian Oil Corporation (IOC) is going to invest Rs 40,000 crore for expansion of its refining capacity to over 100 million tonnes by 2022.
Sanjiv Singh, IOC Director (Refineries) has said that “As we see, (fuel) demand is expected to grow at 3.5-4 percent CAGR and we need to build capacities to meet that requirement.”
The international Energy Agency’s World Energy Outlook has projected 4 percent CAGR growth in India’s fuel demand to 348 mt by 2030, from 184 mt in 2015-16.
India possesses a refining capacity of 232.06 mt.
