India’s BPCL to spend $6.8 bil to expand refinery
Head of refineries R. Ramachandran stated that BPCL plans to expand its capacity to 1.18 million barrels per day (bpd) from 730,000 bpd by 2022.
India is fast replacing China as a driver for oil demand growth. The International Energy Agency forecasts that India will use a quarter of the global energy by 2040. Indian fuel demand increased in the financial year through March 2016, posting the highest level in at least 15 years owing to a renewed manufacturing push in the country.
Ramachandran said, "We are aiming for an economic growth rate of 7 to 8% so if that happens, Indian fuel demand is bound to grow. We will see a (fuel demand) growth rate which will continue to remain at 6 to 7% at least for the next 10 to 15 years."
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