India refining capacity nears limit

NEW DELHI, July 11, 2016 – India will have to start importing oil products from 2031 onwards, Indian Oil Corporation director for refineries Sanjiv Singh said over the weekend, noting that capacity was failing to keep up with the present rate of consumption.

According to Singh, India’s refining capacity stands at 4.62 million bpd, which is projected to increase to more than 6 million bpd by 2030. “We are already not very much surplus. In 15 years, in spite of all planned steps, the country might be in deficit,” Singh said. Indian Oil Corporation currently has a capacity to process some 1.6 million bopd. By 2022, it aims to reach 2.1 million bpd.

The consumption of petroleum products in India – 3.67 million bpd – is up 11% this year, outpacing the increase of production of 4.5%.

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