India may need additional 2 mn bpd refining capacity by 2030: IOC chair
India needs to add 2 million barrels per day (bpd) of refining capacity by 2030 to help its economic expansion, even as it takes steps to move to cleaner fuels, said the chairman of Indian Oil Corp (IOC), the country’s top refiner.
India, the world’s third-biggest oil importer and consumer, currently has 5 million barrels per day of refining capacity. IOC controls about a third of that.
“We are an emerging economy and very aspirational economy and the development is linked to the energy consumption … so obviously we can not be wishing away fossil fuels so early. They have a role to play,” IOC’s S.M. Vaidya said at the Platts APPEC 2021 conference on Monday.
