India will continue to build new oil refineries to ensure energy security, even amid a reduction in such capacities in the US and Europe. This was stated by Indian Prime Minister Narendra Modi during the opening of a new oil refinery in the state of Rajasthan, Bloomberg reports, as conveyed by UNN.
According to Modi, India will continue to increase its own oil refining capacities.
Over the past five decades, not a single new oil refinery has been built in the US, and capacities in Europe are constantly being reduced. India, however, will continue to expand them
The new refinery with a capacity of 180,000 barrels per day became the first new refinery in India in the last decade. The facility also includes a petrochemical complex with a capacity of 2.4 million tons per year. The project cost amounted to $8.3 billion.
According to BloombergNEF estimates, this may be the only new oil refinery commissioned in the world this year.
Analysts predict that India will become the global leader in the growth of oil refining capacities in 2026–2030.
We expect India to provide over 1 million barrels per day of new capacity by the end of the decade. This will account for nearly a quarter of the global increase
The new plant will operate primarily on imported oil and will produce diesel fuel, gasoline, and petrochemical products. The facility began commercial operations on June 22.
After the launch of the new refinery, India’s total oil refining capacity will increase by approximately 3.5% – to 5.4 million barrels per day. By the end of the decade, the country plans to increase this figure to 6.2 million barrels per day.