The World’s Last Wave of Oil Refining Bets Is All About India
- Nation plans to lift processing capacity more than 20% by 2028
- Gasoline demand aided by slower adoption of electric vehicles
Oil tanker trucks outside an oil refinery in Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
The world is on the cusp of what’s likely to be the last big refining boom as India embarks on a capacity expansion to accommodate the country’s rising thirst for fossil fuels.
The South Asian nation has set in motion a building blitz at its oil refineries to raise production of traditional transport fuels such as gasoline and diesel, which could lift capacity by more than 20% over the next five years. Rystad Energy puts the cost of additions at around $60 billion.