Indian Oil Pledges to Spend $6 Billion to Expand the Nation's Refining Capacity

Bloomberg, July 6, 2016

Indian Oil Corporation Limited (IOCL), India's state-owned oil company, has announced plans to spend around $6 billion over the next several years to expand its existing refining capacity in order to keep up with the nation's growing fuel demand. India is poised to surpass Japan as the world’s third-largest oil user this year and will be the fastest growing crude consumer in the world through 2040, Paris-based International Energy Agency estimates. According to the IEA, India’s oil demand will reach 329 million tons by 2030, and the country's 23 refineries currently only have a capacity of 230 million tons per year. In addition to expanding existing facilities, IOCL is looking to build at least one new refinery to help boost total capacity by 30% or more. 


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