A wave of shutdowns will hit Indian state-owned refineries next year as the country prepares for cleaner fuels from April 2020, company officials said, in moves that could temporarily dent oil demand and push up imports of refined fuels.
India, the world’s third-biggest oil importer and consumer, has surplus refining capacity and rarely imports gasoil and gasoline. It also means that demand for fuel produced by India’s privately owned refiners will likely climb during the period, as state refiners seek to fill the gap.
State refiners – Indian Oil Corp, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals – account for about 60 percent of the country’s nearly 5 million barrels per day (bpd) capacity. Read More