India needs investment to the tune of $300 billion in the next 10 years to double its oil refining capacity, Union Petroleum Minister Dharmendra Pradhan said today.
India needs to double its refining capacity by 2040 to meet rising fuel demand as an expanding middle class buys more passenger vehicles and its economy grows, a top refinery official said on Wednesday.
Union Petroleum Minister Dharmendra Pradhan today said the country will augment its refining capacity to 600 million metric tonnes from the present 230 million metric tones to meet the growing demand.
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. Read More…