Indian Oil (IOC) has approved the addition of a petrochemical and lube integration component to its project that will expand crude oil processing capacity of its 274kbd (13.7Mnta) Koyali refinery at Vadodara in Gujarat, due to be completed by yearend 2022.
Construction of a diesel treatment unit is 85% completed at Isfahan Oil Refining Company in Iran, which has so far raised its Euro-5 diesel production from 2MnL/day to 4Mn. When operational in 2021 diesel production in compliance with Euro-5 standard will be increased to 20MnL/day and sulphur content will be reduced to less than 10ppm.
The shock of the coronavirus epidemic crushed global oil demand and some producers, including BP, fear it may never recover to pre-crisis levels. In response European and US oil refineries face a surge of closures due to the plateauing fuel demand, tightening environmental rules and overseas competition. Some owners are converting plants to produce biofuels.
Mexican Energy Minister Rocio Nahle has said that construction of the new Dos Bocas refinery was 24% completed, with a target of 2022 to finish the project. The government puts the cost at $8 B but independent analysts say the figure is low.
According to the chairman of Reliance Industries India will fully move away from fossil fuels to renewable energy in the next few decades, with Reliance aiming to become a net zero carbon company by 2035. The nation currently ships in approx. 80% of its oil needs