Indian Oil Corporation (IOC), the largest oil refiner in the country, looks to boost its crude oil refining capacity by one-third over the next half-decade as it believes gasoline and diesel demand will continue to rise in India, IOC’s chairman Shrikant Madhav Vaidya told Bloomberg . “I firmly believe all forms of fuel will have a place to stay — fossil fuels will be there,” Vaidya told Bloomberg in an interview published on Friday. “Consumption is going from leaps and bounds and energy security is the primary concern for me, which may not be the concern to the developed world,” IOC’s top executive said. IOC is investing US$13 billion in its capacity expansion, which will raise its crude oil processing capabilities to as much as 2.15 million barrels per day (bpd). IOC operates 11 of India’s 23 refineries and has a 51-percent share of crude and product pipelines (by […]