New Delhi : Indian Oil Corp (IOC) will invest Rs 70,000 crore to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country.
IOC will expand its refining capacity to 116.55 million tonnes per annum (MTPA) by 2030 from the current 80.7 MTPA with an investment of about Rs 70,000 crore, a top company official said.
India’s current refining capacity of 247.6 MTPA exceeds consumption but with demand growing at a compounded annual growth rate of 3.5-4 per cent, it will need to add more capacity to meet the rising fuel needs. The oil ministry estimates fuel demand to rise to 335 MT by 2030.