India’s IOC to raise refining capacity
India India IOC refinery
“All the projections clearly show that the demand will grow, and unless we start investing now, we will lag,” Sanjiv Singh said. The company currently has a capacity to process some 1.6 million bopd. By 2022, IOC aims to reach 2.1 million bpd.
The company sees fuel demand in India growing at a compound annual rate of 3.5-4%, a projection that is mirrored by the International Energy Agency. The Energy Information Agency projects a growth rate of 3%. Fuel demand at present stands at 3.7 million bpd, but is forecast to increase to between 5.9 million and 7 million bpd by 2030.
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