India, the world's third-largest importer, is expected to increase its refining capacity by about 1.12 million barrels per year by 2028, said Rameswar Teli, India's deputy minister of oil.
In a written statement published by Reuters, Teli told lawmakers that India's total refining capacity is expected to increase from the current $2 per year within five years5.4 billion tonnes increased by 22%, equivalent to about 5.8 million barrels per day. Teli wrote that processing capacity will grow at a rate of 56 million tonnes per year, or around 1.12 million barrels per day. India** expects the increase in refining capacity to be "sufficient" to meet the country's long-term fuel needs, Teli said.
India has been planning to increase its refining capacity for many years as it is expected to be the fastest-growing **demand market in the future. Two years ago, India's state-owned refinery planned to spend US$27 billion (INR 2 trillion) to increase the country's refining capacity by 20% by 2025.
Earlier this year, OPEC said in its World Oil Outlook 2023 that India would be the fastest-growing major developing economy, with an average long-term growth of 61%, accounting for more than 28% of the increase in global energy demand in the same period.
By 2028, global ** demand will reach 110.2 billion b/d, up 10.6 million b/d compared to 2022. Non-OECD** demand is expected to increase by 10.1 million b/d to 63.7 million b/d.
OPEC said India will be the driver of growth by 2045, with demand expected to increase by 6.6 million b/d over the period. Demand will increase by 4.6 million b/d in the rest of Asia, 4 million b/d in China, 3.8 million b/d in Africa and 3.6 million b/d in the Middle East. (Compiled by Xiao Chen).
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