India's third biggest crude oil refiner, Hindustan Petroleum Corp (HPCL), plans to expand its refining capacity to more than 60 million tonnes annually, or about 1.2 million barrels of oil per day by 2030, according to a senior company official.
This will not only help the company fill the yawning gap between the volume it refines and the volume it markets through its retail outlets, but also help in meeting the burgeoning fuel demand in the country, said HPCL Chairman Mukesh Kumar Surana at a conference late on Thursday.
While Hindustan Petroleum, which is largely known as a marketer of fuel products, currently sells 34.20 million tonnes of fuel products every year through its retail outlets and bulk sales, its refining capacity is only about half that.
According to a 2015 report by the International Energy Agency (IEA), India will require up to 329 million tonnes of oil products annually by 2030. As of last year India consumed 183 million tonnes of fuel products, government data showed.
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