State-owned Indian Oil Corp. (IOC) will double its refining capacity to 2.5 million barrels a day in 10 years, according to IOC's Director for Refineries A.S. Basu. Indian Oil directly or indirectly runs half of the country's refineries. From 2012 to 2017, Indian refineries plan to spend about US$13.3 billion on capacity expansion. Behind this expansion lies a booming economy and soaring car sales, which jumped 30 percent year-on-year for the period ending in March 2011. Those refinery expansion plans may be dialed back somewhat, however, as forecasts by the Indian Automobile Manufacturers Association are for growth to slow in the coming year to 2 to 4 percent. Also, refiners may have to invest heavily to meet the BS IV emission standard that is expected to expand by 2015 to cover 50 cities, from the handful it covers now.