India cements role as refining hub
The country’s hybrid model of state-backed and private refiners, often collaborating, continues to enjoy success
Brisk growth in domestic consumption and the lure of export markets have helped propel a rapid expansion of India’s refining sector over the last two decades, boosting the country to becoming the world’s fourth-largest refiner by volume—behind the US, China, and Russia—and the second-largest in Asia. And following a particularly lucrative period for Indian refiners, more capacity additions are planned. India’s steady economic growth has helped underpin significant investments in the crude processing sector. And that expansion is expected to continue, bringing additional demand for refined products. The IMF has revised down to 6.8pc India’s projected growth for the 2022–23 financial year (whi
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields