IOC perseveres with expansion of refineries
- 05/10/2021
Indian Oil Corporation will pursue the expansion of its refineries to meet the anticipated growth in oil demand, but many of those projects will have much lower carbon footprint because of the use of green power, the company’s chairman Shrikant Madhav Vaidya said.
“India needs to add at least 100 million mt/year refinery capacity to its current 250 million mt annual capacity by 2030, despite the global push towards cleaner fuels” Vaidya said.
State-run refiner IOC, which caters to more than 40 percent of the country’s fossil fuel demand, aims to increase its use of electricity generated by renewable energy sources, as it expands its core refining capacity.
“For all refinery expansions that we are planning, normally we would have captive power plants. But we are not putting any conventional power plants for the projects. That will be one big step towards energy transition,” said Vaidya.
Source: Storageterminalsmag.com
