India to account for nearly half of upcoming crude oil refinery projects in Asia

By Our Reporter
0
667
Representational Photo by Maksym Kaharlytskyi on Unsplash

India is set to dominate the Asian new-build and expansion refinery projects between 2022 to 2026, as the country is expected to account for 47% of the upcoming crude oil refinery projects starts in the region, driven by economic growth and rising consumption of oil, reveals GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Crude Oil Refinery New-Build and Expansion Projects Analytics and Forecast by Project Type, Regions, Countries, Development Stage, and Cost 2022-2026’, reveals that 86 projects are expected to commence operations in India during the period. Out of these, two projects will be new-build while 84 represent expansions of existing projects.

In India, 45 upcoming refinery projects are in the approval stage and will likely start operations between 2022 and 2026. Construction and feasibility are the other major project stages with 21 and 19 projects, respectively.

Sudarshini Ennelli, Oil & Gas Analyst at GlobalData, comments: “India has emerged as one of the world’s largest consumers of both petrochemicals and petroleum products, and therefore continues to expand its refining capacity to meet this ever-growing demand.”

The major expansion projects that are expected to start operations by 2024 are Vadinar CDU Expansion and Panipat CDU Expansion. The Vadinar CDU Expansion has a capacity of 515 thousand barrels per day (mbd). Nayara Energy Ltd is the operator while Rosneft Oil Co and Trafigura Group Pte hold 49.1% and 24.1% of equity, respectively.

The Panipat CDU expansion project stands second with a refinery capacity of 200 mbd. Indian Oil Corp Ltd is the operator as well as 100% equity holder of this project, which is expected to start operations in 2024.


Follow The Indian Sun on Twitter | InstagramFacebook

 

Donate To The Indian Sun

Dear Reader,

The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.

Thank you for your support.

Best wishes,
Team The Indian Sun

Comments