Indian Oil Corporation (Indian Oil) is the largest fuel oil refining company in India. Out of the 23 fuel oil refining centers spread across India, 11 are in control. The country of fast-growing economics is struggling with the growing demand for fuel products in India, which is in the process of six decades old. In order to cope with the increasing demand of fuel oil, Indian Oil has been planning to double the refining capacity in the next one year. For this reason, the company's fuel oil refining sector has invested more than 2.5 billion dollars. According to Indian Oil chairman Sanjeev Singh, Indian media has reported this information. NewsElePrint.com and Business Today.India is the third-largest consumer of energy in the world today. Most of the country's internal demand is imported from the international market in the crude oil. India is at the third position in the global list of fuel oil importer countries. The domestic demand for fuel products is increasing due to economic progress, and the need to increase the refining capacity of imported crude oil has been shown. As part of this, Indian Oil has increased its capacity to double the fuel capacity by 2030, by doubling the present.
Speaking to reporters, the chairman of the company, Sanjeev Singh said that at present 11 Indian centers controlled by Indian Oil, it is possible to refine 8.77 million tonnes of fuel oil per year. By 2030, the plan to increase the refining capacity of fuel oil to 15 crores a year is being increased by this year. Under the project modernization of existing refining centers will be built along with new centers in India. He said this is a very big plan. There is a need to invest a lot of money to implement this plan. By 2030, initially, investing $ 2, 550 billion, to double the fuel efficiency of fuel oil. The amount of Indian currency stands at around Rs 1.75 lakh crore rupees.He said India is committed to utilizing Indian Oil as an important partner of India's largest fuel oil refiners and the country's energy market. Especially in India, the trend of increasing the demand for fuel oil has allowed the market to expand. There is no option to increase refining capacity to utilize this opportunity. So, in the next one decade, investing more than 25 billion dollars to implement the plan to double the refining capacity of fuel oil.
Regarding the master plan, Indian Oil Corporation Director BV Ram Gopal said that initiatives will be taken to modernize 11 existing purification centers. In the meantime, the Indian Oil Board of Directors has approved a project of Rs 36,500 crore for the development of two refineries in Northeast India and a refinery center in Odisha. Besides, the construction of new few fuel oil refining centers in India will be started soon.In context, in 1958 the Indian Oil was launched. At that time the name of the company was Indian Refineries Limited. Later in 1959 it was named Indian Oil Company. In 1964, this new Delhi-based company, which started its journey with the introduction of Indian Oil Corporation Limited, has made another change. In the year 2017, 33,353 workers were working in Indian Welle. In the financial year 2016-17, the net profit of the company stood at Rs.19, 106 crores or $ 2.84 crores 80 million. At the time, Fortune magazine topped the list of the biggest Indian companies in the list of Indian Oil. Indian Oil was ranked 168th in the list of the world's largest companies 'global 500' list. According to the latest annual report of Indian Oil, Currently, Indian Oil Refines almost half of the demand for fuel oil in the Indian Oil. At the same time, 35 percent of the country's combined capacity for fuel oil refiners is completed alone.
