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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REFINING
India is projected to increase oil refinery capacity by 22% or 56m tons (1.12mb/d) by 2028 according to Junior Oil Minister Rameswar Teli last month to raise production of transport fuels such as gasoline and diesel. The increase is driven by India’s growing transport demand and the slower adoption of electric vehicles.
- State-run refiner projects with commissioning dates from 2024 to 2026 account for almost 37m tons, but completion of the remaining capacity remains unclear according to Bloomberg.
- Indian Oil Corp.’s Panipat plant adding 10m tons is due to be commissioned at the end of next year. Hindustan Petroleum Corp.’s Barmer refinery at 9m tons is expected to be completed in 2024, with full capacity expected by 2025.
- Wood Mackenzie sees India’s demand growing 1.3mb/d by 2030 requiring new refinery capacity if it wants to be more self-sufficient and have a role exporting to other regions such as Europe.
- IEA estimate India capacity to increase 19% by 1mb/d to 2028 and up to 6.2mb/d while China capacity is to increase by 8% and the Middle East by around 9%.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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