India looks to expand oil refining capacity, even as US and Europe see a decline
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.
It’s a rare boost for a global refining industry that’s in a state of decline in the US and Europe, while China’s massive sector is adjusting to Beijing’s green goals after years of development made it a processing powerhouse.
