IOC aims to source a tenth of oil needs from own assets

India imports about 80% of its oil requirements as its local production hasn't increased for decades

India's biggest refiner Indian Oil Corp wants to supply at least 10 per cent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report.

IOC aims to raise its refining capacity by about 89 per cent to 3 million barrels per day (bpd) by 2030 by setting up new plants and expanding some existing ones, it said.

India, the world's third biggest oil consumer, imports about 80 percent of its oil requirements as its local production has not increased for decades.

But the country wants to create integrated oil companies with activities both in oil production and refining by combining state-run oil firms.

In its quest to become an integrated oil firm, IOC wants to expand its current portfolio of its oil and gas blocks.

The refiner has a stake in eight domestic and nine overseas oil and gas blocks in Libya, Gabon, Nigeria, Yemen, Venezuela, Russia, Canada and USA, it said in the annual report.

IOC, the country's largest fuel retailer, controls 50 percent of the downstream marketing infrastructure and is beefing up its sales network to cater to rising fuel demand in India, the world's third biggest oil importer.

The refiner owns the largest crude oil and product pipelines network of about 12,848 kilometers and aims to add 8,000 kilometers by 2021.

IOC also wants to tap refining and fuel retail opportunities in emerging markets in Southeast Asia and Africa. It is opening offices in Singapore, Malaysia and Bangladesh. IOC currently operates fuel retail and terminal operation in Sri Lanka and Mauritius.

To tap India's growing demand for gas, IOC plans to commission its 5 million tonnes a year LNG terminal in southern Indian in 2018-19, the annual report said.