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