IOC to Step Up Refining Capacity with 45kcr Investment
New Delhi: Refining giant Indian Oil Corp (IOC) is preparing for a future when batteries will increasingly replace car fuel tanks, but for the moment is investing .₹ 45,000 crore to expand its refining capacity to meet the rapidly rising fuel consumption in the country. The rapid progress in battery technology and a big customer cheer Tesla, the battery-car innovator, received recently has strengthened hope battery-powered cars may within decades replace conventional cars on most roads and end the dominance of fossil fuel in transportation.
“At this point of time, I don’t see Tesla totally changing the world because projections do not indicate that,” B. Ashok, chairman, Indian Oil Corp told ET in an interview. “We believe that looking at that (Tesla) as a threat we should not stop our activities because that will be a bigger threat. If it doesn’t transform the world as it is expected to, and we still have to depend on the conventional energy, there should not be a shortage of energy available at that point of time because I today fear that if I set up a refinery, maybe after ten years the refinery will have no meaning. I can’t take that stance.”