IOC aims to boost refining capacity by 30% over next 6 years Country’s capacity may reach 340 million tons by 2030: Singh Indian Oil Corp. will spend about 400 billion rupees ($6 billion) to boost capacity by almost 30 percent in the next six years to feed the booming fuel demand in the world’s second-most populous nation. “Fuel demand is rising and India’s excess capacity is very small,” Sanjiv Singh, director of refineries at India’s biggest processor, said in an interview Friday. “We all need to expand if demand sustains.” The expansion comes as Indian refiners are racing to add capacity amid rising fuel consumption. India is poised to surpass Japan as the world’s third-largest oil user this year and will be the fastest-growing crude consumer in the world through 2040, Paris-based International Energy Agency estimates. The state-run company aims to increase its capacity to about 104 million metric […]