Fuel demand in country to rise: Barauni Refinery ED
Indian Oil Corporation (IOC) has decided to review all its greenfield expansion projects under refining segment in view of the Covid-19 pandemic, which affected the existing fuel demand in the country, Barauni Refinery executive director (ED) Shukla Mistry said on Friday. She also said the company is planning to increase its petrochemical production in order to avoid the market risks owing to the current volatile situation.
Mistry was interacting with local media persons online to brief them about the recent developments, involving IOC as well as the Barauni Refinery which is its only crude oil refining unit in the state.
“The global fuel demand is set to register decline, or at best may reach up to the pre-Covid level till the year 2035. In comparison, the oil demand in the country is expected to increase consistently till 2050. However, the company has set its eyes on the opportunities expected due to increased use of electric vehicles in the country in future. To tap it, the company is working towards establishing charging points at its retail outlets,” Mistry said.
“The company is also minutely evaluating many advanced battery technologies, which will help in establishment of the manufacturing of metal air batteries for electric vehicles,” she added.
