New Delhi: India is looking at cutting capacity at its biggest oil refinery to match lower fuel demand projections and contain costs which jumped to USD 60 billion due to meeting stringent environment norms and relocation of the plant, top officials said.
State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) together with Saudi Aramco and Abu Dhabi National Oil Co (ADNOC) plan to set up a 60 million tonnes refinery-cum-petrochemical complex on Maharashtra coast.
