News Post
The Indian Oil Corporation decides to review its refinery expansion plans
India’s largest refining company, The Indian Oil Corporation (IOC) recently announced that it has begun an internal review of its pending refinery expansion plans due to the growing interest in cleaner fuels and a change in demand expectations. However, a revision of its planned capex for the current financial year is not anticipated.
Just two years ago, India was expecting a 77% increase in refining capacity to approximately 9 million barrels per day (bpd), with IOC responsible for raising its capacity to 2.6 million bpd. But that is no longer the expectation since a recent supply and demand scenario by the Petroleum Planning and Analysis Cell has caused IOC to reconsider its plans. With this new data, IOC has chosen to review its refinery expansion plans, and that “As far as grassroots projects are concerned, we are reviewing all projects”, according to IOC Chairman S.M. Vaidya. IOC is instead expected to focus on adding capacity through the expansion of existing refinery units and from additional petrochemical activity, such as the recent decision by IOC to integrate petrochemical and lube facilities at the existing Gujarat refinery.
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