• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Australian Voters Reject 'Climate Change' Politicians
  • 6 hours Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 10 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 hours Shale to be profitable in 2019!!!
  • 43 mins Global Warming Making The Rich Richer
  • 14 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 14 hours IMO2020 To scrub or not to scrub
  • 14 hours California Threatens Ban on ICE Cars
  • 13 mins Shell ‘to have commercial wind farms’ by early 2020s
  • 15 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 15 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 10 hours Some Good News on Climate Change Maybe
  • 6 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 6 hours DUG Rockies: Plenty Of Promise, Despite The Politics
Beware Of Saudi Oil Tanker Sabotage Stories

Beware Of Saudi Oil Tanker Sabotage Stories

Reports of attacks on Saudi…

Oil Shrugs Off Trade War Threat

Oil Shrugs Off Trade War Threat

Oil markets saw a volatile…

Indian Oil Corp. Announces $2.3 Billion Refinery Upgrade In Panipat

Refinery

Indian Oil Corp.’s Panipat oil refinery will get a $2.3 billion upgrade over six years to meet domestic demand for energy, according to Sanjiv Singh, IOC’s refineries director.

Singh, who will become IOC’s chairman next year, said the plant’s capacity was slated to increase to 20.2 million metric tons a year (500,000 barrels a day) from the current 15 million ton rate, but instead, the facility will refine 25 million metric tons of crude annually by 2022.

“Fuel demand growth has been very strong and India’s excess capacity is very small,” Singh said in New Delhi. “We have to keep adding capacities.”

The IOC runs 11 of India’s 23 refineries, which churn out 80.7 million metric tons of oil every year, according to The Economic Times.

As India’s middle class grows, more citizens are buying cars and motorcycles, causing demand to spike upwards. Russia and Saudi Arabia compete to supply fuel to India, and local refiners have begun constructing new facilities.

Last Wednesday, India’s government approved two stake purchases by a consortium of Indian companies of Russian oil fields worth a combined US$3.2 billion.

The acquisitions will boost India’s oil supplies, which is in line with the country’s goal of adding high-quality international assets to its Exploration & Production (E&P) portfolio in order to increase energy security, the government said.

In 2015, India’s fuel consumption rose by 11 percent – a growth rate four points higher than that of China. Both Asian giants also consume massive amounts of coal, which does not bode well for the environment.

Still, India demonstrated its commitment to fight climate change when it ratified the Paris Climate Change Agreement on 2 October – Mahatma Gandhi’s birthday.

In related news, India’s state-run Oil and Natural Gas Corporation (ONGC) announced a US$5.1 billion (340.12 billion rupees) investment over the next four years for the development of a deepwater oil and gas block off India’s east coast.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News