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2018-04-02 09:10:00

INDIA'S OIL INVESTMENT: $22 BLN

INDIA'S OIL INVESTMENT: $22 BLN

REUTERSIndian Oil Corp plans to invest 1.43 trillion rupees ($22 billion) in next five years as the country's top refiner seeks to raise its annual capacity to about 3.2 million barrels per day by 2030, its head of refineries said on Saturday.

Refiners in India, the world's third-biggest oil consumer and importer, have sketched out plans to raise their capacity by 77 percent to about 8.8 million bpd by 2030 to meet the country's rising fuel demand.

India is emerging as one of the global drivers for refined fuels consumption as its economic expansion and rising industrial activity yields infrastructure improvements and increased energy access for commercial and retail consumers.

 "There is a need for us to enhance our capacity to meet the future demand and enhance our capacity ... We have already made our plans for investment of 1.06 trillion rupees," B. V. Rama Gopal told a news conference.

 He said board approval was yet to be obtained for 365 billion investment aimed at raising capacity of its Guwahati and Bongaigaon refineries in the northeast and Paradip plant in eastern Odisha state.

 "We are going to enhance capacity in terms of crude processing and fuel specification," Rama Gopal said, as India plans a nationwide roll out of Euro-VI compliant fuels in the country from April 2020.

 IOC's current capacity stands at about 1.62 million bpd including 230,00 bpd controlled by its subsidiary Chennai Petroleum Corp.

 IOC processed a record 1.38 million bpd crude at its directly owned plants in 2017/18 mainly due to higher runs at its refineries in Paradip, which was commissioned in 2015, and at Bongaigaon, Guwahati and Digboi in the northeast.

 Plants in land-locked northeastern India, with a combined capacity of about 80,000 bpd, for the first time operated at full capacity as the company began supplying low sulfur crude imported at Paradip through pipelines and by road.

 Traditionally the northeastern refineries were using local crude, supplies of which have declined.

 IOC is gradually building its portfolio of alternative fuels such as solar and production of ethanol, as well as boosting its petrochemical production.

 "We don't want to remain a refining company alone ... in addition to refining we will be venturing out in different areas like petrochemicals and alternate fuels," he said.

-----

Earlier:

 OIL DEMAND GROWTH - 2018: 1.5 MBD
2018, March, 16, 10:30:00

OIL DEMAND GROWTH - 2018: 1.5 MBD

IEA - Looking at demand, our estimate for global growth in 2018 has increased by 90 kb/d taking it up to 1.5 mb/d. Although this is a modest revision, it is interesting that provisional data suggests very strong starts to the year in China and India, which, taken together, accounted for nearly 50% of global demand growth in 2017. Cold weather in some parts of the northern hemisphere in January-February saw an increase in heating demand.

 

 INTEGRATED INDIAN OIL
2018, February, 7, 07:55:00

INTEGRATED INDIAN OIL

PLATTS - "The integrated entity will have the capacity to neutralize the impact of volatility in global crude oil prices," said oil minister Dharmendra Pradhan. "The integrated entity will have the advantage of having enhanced capacity to bear higher risks and take higher investment decisions."

 

 ONGC BUYS FOR $5.78 BLN
2018, January, 22, 08:00:00

ONGC BUYS FOR $5.78 BLN

REUTERS - India’s biggest explorer Oil and Natural Gas Corp (ONGC) has agreed to buy the government’s majority stake in state-refiner Hindustan Petroleum Corp for 369 billion rupees ($5.78 billion).

 

 INDIA'S STRONG GROWTH
2017, December, 27, 12:35:00

INDIA'S STRONG GROWTH

IMF - Since the 2011 Financial Sector Assessment Program (FSAP), India has recorded strong growth in both economic activity and financial assets, supported by important structural reforms and terms of trade gains.

 

 IEA: GLOBAL ENERGY DEMAND UP BY 30%
2017, November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

 

 OPEC: 2040 GLOBAL ENERGY CHANGES
2017, November, 9, 14:00:00

OPEC: 2040 GLOBAL ENERGY CHANGES

Within the grouping of Developing countries, India and China are the two nations with the largest additional energy demand over the forecast period, both in the range of 22–23 mboe/d.

 

 INDIA - OPEC ENGAGEMENT
2017, October, 11, 12:40:00

INDIA - OPEC ENGAGEMENT

‘India's engagement with OPEC is important as India sources about 86% of crude oil, 75% of natural gas, 95% of LPG from OPEC Member Countries.’

 

 

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