Indian Oil Corporation (IOC) plans to invest $22bn over the next five years, nearly doubling the company’s refining capacity, according a report by Reuters.
By 2030, IOC is planning to enhance its yearly refining capacity to 3.2 million barrels per day (mbpd).
As per the Reuters report, BV Rama Gopal, director, refineries, IOC, said: “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 Rs1.06 trillion ($15.5bn).”
Indian refineries are planning to enhance their refining capacity to about 8.8mbpd by 2030 in order to meet the increasing fuel demand in the country.
IOC, which owns and operates 11 refineries in India, has a total capacity of 80.7 million tonnes per annum. The company is investing $2.5bn to upgrade its refineries by 2020. IOC is also investing $2.39bn in its petrochemical expansion projects and an additional $11.4mn to enhance capacity at its existing refineries.