Top Indian refiner IOC to raise Barauni processing capacity by 50% - Reuters News
31-Jan-2020 12:15:19 PM
BENGALURU, Jan 31 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, will invest 137.79 billion rupees ($1.94 billion) to expand the capacity of its Barauni refinery in eastern Bihar state by 50% to 180,000 barrels per day by April 2023, the company said on Friday.
The state-run company is raising its refining capacity to meet growing demand for petroleum products in the country. India has emerged as a bright spot for refined fuel demand.
Refined fuel consumption - a proxy for oil demand - in the December quarter rose 2.6% from a year earlier. O/INDIA2
India's oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said earlier this month.