MUMBAI: India’s state-owned refiners are still betting on expansion of refining capacity, though the focus now is also on upgrading refineries to include petrochemicals along with refining. The increased focus on electric vehicles and the announcement by the owner of the largest refining complex on their ability to shift from oil to chemicals have not shifted their focus from transport fuels.
“Endgame for the oil industry? We do not believe that,” said M K Surana, chairman, Hindustan Petroleum Corporation. He said demand for diesel might not go away, and it would be incremental demand that may move away from fossil fuels by 2030. India has a total refining capacity of around 250 Million