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Top Indian refiner IOC to raise Barauni processing capacity by 50%

The state-run company is raising its refining capacity to meet growing demand for petroleum products in the country.

January 31, 2020 / 02:32 PM IST
 
 
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Indian Oil Corp, the country's top refiner, will invest 137.79 billion rupees ($1.94 billion) to expand the capacity of its Barauni refinery in eastern Bihar state by 50% to 180,000 barrels per day by April 2023, the company said on Friday.

The state-run company is raising its refining capacity to meet growing demand for petroleum products in the country.

India has emerged as a bright spot for refined fuel demand.

Refined fuel consumption - a proxy for oil demand - in the December quarter rose 2.6% from a year earlier.

India's oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said earlier this month.

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Indian Oil Corp reported a threefold rise in third-quarter profit on Thursday, mainly due to inventory gains.
PTI
first published: Jan 31, 2020 01:40 pm

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