IOC to Step Up Re­fin­ing Ca­pac­ity with 45kcr In­vest­ment

The Economic Times - - Companies: Pursuit Of Profit - San­jeev.Choudhary @times­group.com

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.”

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