• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 15 mins China's Blueprint For Global Power
  • 4 mins World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 5 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 5 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 2 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 1 hour Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 7 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 7 hours Why don't the other GOP candidates get mention?
  • 4 hours Deepwater GOM Project Claims Industry First
  • 5 hours Idiotic Environmental Predictions
  • 6 hours PETROLEUM for humanity 
Alt Text

The Oil Rig Count Collapse Continues

U.S. oil and gas rigs…

Alt Text

Why Did Rick Perry Resign?

Rick Perry has become the…

Alt Text

How The California Blackouts Could Have Been Avoided

The California electricity crisis left…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

India’s Largest Refiner Plans $25B Output Boost

Indian Oil Corporation, the country’s biggest refining company, plans to invest US$25.5 billion (1.75 trillion rupee) in boosting its oil refining capacity, local media report, citing the company’s chairman Sanjiv Singh.

Singh said plans are to expand the company’s refining capacity to 150 million tons of oil derivatives annually from the current 80.7 million tons by 2030.

"As the leading refiner in the country and a dominant player across a diverse portfolio of offerings in energy, IOC is focussing on all emerging opportunities for organic and inorganic growth through vertical integration and strategic diversification, besides pursuing value-creating research areas," the executive said.

Some of the projects that make up the investment strategy are already underway, but the majority have yet to be launched. These will include the upgrade of existing IOC refineries as well as the construction of new processing facilities. The largest among them will be the Ratnagiri refinery and petrochemical complex, on which IOC has partnered with Saudi Aramco and Emirati Adnoc.

The Ratnagiri refinery will have an annual capacity of 60 million tons of crude oil and will cost US$44 billion. Half of this will be provided by Aramco and Adnoc as the two seek to secure future markets for their crude oil.

The expansion strategy will also involve growing IOC’s pipeline network, which at the end of the period will stand at 20,000 km, Singh also said. Related: OPEC Oil Production Surges 340,000 Bpd As Saudis Pump Near Record

India is the world’s leader in crude oil demand growth, importing most of the oil it consumes. The country’s demand for fuels in June rose 8.6 percent, with consumption hitting 17.99 million tons, according to statistical data for that month released in July. The upward trend is expected to continue.

Still, IOC is not relying exclusively on oil: the refiner has begun branching out in natural gas, renewable energy, and EVs. Last month, Singh warned that if oil prices rise above US$80 a barrel soon, this will slow down Indian fuel demand growth, as robust demand growth forecasts for the period until 2040 are based on prices of US$83 for Brent in 2025 and US$113 in 2040.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Bonaventure Stephen Gomes on August 07 2018 said:
    India and its oil companies must not place its entire benevolence in the hands of oil companies like Saudi Aramco and ADNOC. In the past, Saudi Aramco has reneged on its commitments in Greece, Philippines, and the USA. Placing all its eggs in one basket can jeopardize India's demands for crude oil, and refined products. India can look forward to countries like Iran, Canada, Russia, and the USA, to name a few. Leading oil companies, and service companies like Exxon-Mobil, Shell, Total, Rosneft, Gazprom, Cairns, Schlumberger, Baker-Hughes, and others can bring in substantial FDIs without the need for coddling with NOCs who are under the direct supervision of their respective governments.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play