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Indian Oil Corp mulls deferring expansion of projects to sync them with demand

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Indian Oil Corp mulls deferring expansion of projects to sync them with demand

India’s top oil firm IOC is looking to defer some of its refinery expansion projects to sync them with changes in demand patterns resulting from the pandemic and a gradual rise in the use of cleaner fuels, its chairman Shrikant Madhav Vaidya said.

In an interview with , Vaidya said oil demand in India has not been destructed but only deferred and Indian Oil Corp (IOC) was also betting big on petrochemicals to hedge fuel shocks.

Liquid fuels such as petrol and diesel will continue to play a dominant role in the country in the next two decades despite a creeping increase in the use of electric vehicles (EVs) and cleaner fuels like gas.

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“You see the pie is also increasing. While we see EVs growing, the oil will remain a dominant fuel,” he said. “Even BP in its latest world energy outlook has projected India’s oil consumption to double to 10 million barrels by 2050.”

In 2018, an Oil Ministry report had projected that oil refining capacity will rise to 439 million tonnes by 2030 from the current 250 million tonnes, to meet the rising fuel demand of a fast-expanding economy.

IOC is also looking at petrochemicals to diversify from the challenging fuels business.

It will add petrochemical plants at all its future refinery expansions and boost existing output at its current facilities to raise the percentage of crude oil converted into petrochemicals to 15 per cent from the current 5-6 per cent.

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“We feel the volatility of the fuel market can be easily controlled by having a good footprint in the petrochemicals sector,” Vaidya said. “Petroleum fuels will continue to be my main business as far as turnover is concerned, but profitability will come from petrochemicals.”

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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