Indian Oil Corp controls about a third of India’s 5 million barrels per day (bpd) refining capacity, is operating its plant at about 83% capacity, a sharp increase from 39% at the beginning of April.




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IOC said it was on track to spend the approved capital expenditure of Rs. 26,143 crore for 2020-21.

Indian Oil Corp, the country’s top refiner, aims to operate its refineries at an average 90% capacity in June as fuel demand recovers with the easing of a coronavirus lockdown, the company said on Wednesday.

IOC, which along with subsidiary Chennai Petroleum Corp , controls about a third of India’s 5 million barrels per day (bpd) refining capacity, is operating its plant at about 83% capacity, a sharp increase from 39% at the beginning of April.

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Currently Indian Oil is operating its plant at about 83% capacity, a sharp increase from 39% at the beginning of April

Refiners in Asia are cranking up runs as the lifting of lockdown restrictions is pushing up fuel demand. India’s fuel consumption in May increased significantly from April.

IOC said in a statement it was operating its naphtha cracker at Panipat refinery at full capacity as several downstream petrochemical industries have resumed operations.

The company said it was on track to spend the approved capital expenditure of ₹ 26,143 crore ($3.46 billion) for 2020-21.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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