IOC investing Rs 45K crore to expand refining capacity to meet demand – Feedback

Refining giant Indian Oil Corp (IOC) is preparing for a future when batteries will increasingly replace car fuel tanks but for the moment is investing Rs 45,000 crore to expand its refining capacity to meet the rapidly rising fuel consumption in the country.

The rapid progress in battery technology and a big customer cheer Tesla, the battery-car innovator, received recently has strengthened hope battery-powered cars may within decades replace conventional cars on most roads and end the dominance of fossil fuel in transportation. The company plans to raise its refining capacity by a quarter with an investment of Rs 45,000 crore in brownfield expansion, debottlenecking and fuel quality upgrade projects in the next five to seven years. Under this, its freshly-built Paradip refinery will expand to 20 million tonne from 15 million tonne today, so will its Panipat facility.

http://economictimes.indiatimes.com/industry/energy/oil-gas/ioc-investing-rs-45k-crore-to-expand-refining-capacity-to-meet-demand/articleshow/52033896.cms

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *