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India must double refining capacity by 2040 to meet growing fuel demand

The recent implementation of a goods and services tax and demonetization are unlikely to dent fuel demand

Reuters  |  SINGAPORE 

India needs to double its refining capacity by 2040 to meet rising fuel demand as an expanding middle class buys more passenger vehicles and its economy grows, a top refinery official said on Wednesday. India's refining capacity must increase to 465 million tonnes by 2040, from about 230 million tonnes currently, and investments are already being made, said Shrikant Madhav Vaidya, Indian Oil Corp's executive director of operations. The major drivers for India's fuel demand growth will be the continued robust sales of passenger vehicles, substitution of liquefied ...

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First Published: Wed, September 27 2017. 15:58 IST