India's oil refining capacity is set to jump 80%, or by 194 mt by 2030 as state refiners, Reliance Industries and Rosneft line up expansion plans, undeterred by the renewables explosion, hoping to meet future demand, indian ET Bureau reported on February 8, 2018.
Refiners may be able to process 439 mt of oil per annum by 2030, from 245 mt currently, according to a report prepared by a panel comprising oil ministry officials and top state and private refiners' executives, which studied multiple scenarios to assess demand and refining capacity equirement by 2040.
RIL plans to add 30 mt of refining capacity, a 50% increase, by 2030 and Essar Refinery, now controlled by Russian Rosneft, is targeting to more than double capacity by adding 25 mt by 2025, according to the unpublished oil ministry report. State-owned Indian Oil Corp. plans to add 36 mt to its current capacity of 81mt.
The projections are based on «firm plans and projects already conceptualised and accepted in principle till year 2030 only,» the report said. Refining capacity is expected to reach 259 mt by 2020 and 415 mt by 2025.
«India provides huge growth opportunity in hydrocarbon sector, especially in downstream business. We are constantly evaluating options for growth,« a spokesperson for Essar Oil said. «However, we are unable to comment on any specifics at this stage.»
Planned refining capacity will be higher than the 363 mt needed to meet domestic requirements in 2030. Domestic consumption will rise to 443 mt in 2035 and 533 mt by 2040