Indian refiners to raise capacity by 2030
Refiners in India are planning to raise their capacity by 77 per cent to about 8.8 million barrels per day by 2030 in order to meet the country’s rising fuel demand. According to a government report released by the Ministry of Petroleum and Natural Gas, this expansion plan will ensure the nation’s surplus production of diesel and gasoline will last until 2035, although it is expected that by 2040 it will turn into a deficit. The report also recommended refiners to set up petrochemical projects and to cut their production of petcoke and fuel oil. India’s gasoline, diesel and jet fuel demand up to 2030 is set to grow at a rate of around five per cent each year.