Indian refiners set for big expansion

The world’s third-largest importer of crude shows no sign of easing up on downstream momentum in recent years

Speaking at India Energy Week in February, Prime Minister Narendra Modi declared the world’s fourth-largest refining country would raise its capacity by 4m b/d to 9m b/d in 2030. The IEA, meanwhile, provided a more modest assessment at the same event, signalling refining capacity would reach 6.8m b/d by the end of the decade, based on projects already underway. The IEA did provide the caveat that several large developments are still under consideration. But despite the differences there is a consistent message of growth based around booming oil demand, the importance of energy security and taking control of the supply chain, so much so that some oil products will be marked for export. And it