India’s biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report.
IOC aims to raise its refining capacity by about 89 percent to 3 million barrels per day (bpd) by 2030 by setting up new plants and expanding some existing ones, it said.
India, the world’s third biggest oil consumer, imports about 80 percent of its oil requirements as its local production has not increased for decades.
But the country wants to create integrated oil companies with activities both in oil production and refining by combining state-run oil firms.
In its quest to become an integrated oil firm, IOC wants to expand its current portfolio of its oil and gas blocks. Read More…