Inspectioneering
News

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. 

 


Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Job Postings

Discover job opportunities that match your skillset.

Case Studies

Learn from the experience of others in the industry.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Acronyms

Commonly used asset integrity management and inspection acronyms.

Asset Intelligence Reports

Download brief primers on various asset integrity management topics.

Videos

Watch educational and informative videos directly related to your profession.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.