Refiners in India, the world’s third-biggest oil consumer and importer, have drawn up plans to raise their capacity by 77 percent to about 8.8 million barrels per day (bpd) by 2030 to meet the country’s rising fuel demand.
India’s state oil refiners – long focused on churning out transport and cooking fuels – are planning a $35 billion push into petrochemicals to meet an expected surge in demand for goods ranging from plastics to paints and adhesives.
India’s government-run refiners plan to import less Iranian crude oil in the 2017/2018 fiscal year ending March 2018, than the crude from Iran they bought in the previous fiscal year, according to India’s Oil Minister Dharmendra Pradhan.
Nearly two-thirds of refiners plan to raise investments in digital technologies over the next three to five years, although digital is not one of the top plant investment areas for refiners today, according to research from Accenture.
Oil and Natural Gas Corporation (ONGC) is reportedly planning to invest around Rs 30,000 crore in 2017-18 to develop oil and gas fields, expand refining capacity, and build pipelines.