Companies / India
Indian Refineries Need US$11bn Investment
November 2006 | Industry NewsIndia needs to invest up to US$11bn in order to upgrade its crude oil refineries, according to M. S. Srinivasan, secretary to the country's oil ministry. Fuel demand in India could rise 5% to 2.37mn barrels per day (b/d) in the year that began April 1, Srinivasan claimed in March. We see consumption, which averaged 2.49mn b/d last year, increasing to 2.55mn b/d in 2006 and reaching at least 3.01mn b/d by 2010. Oil refinery capacity, currently 2.56mn b/d, is set to remain below the level of consumption, so products imports running at up to 400,000b/d seem inevitable. Using the
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