India’s refining sector is attracting interest from major Gulf economies as the country plans to significantly increase its oil processing capacity. Oil Minister Hardeep Singh Puri said the United Arab Emirates and Saudi Arabia are keen to invest in India’s refining sector.
“Nobody wants to come and invest in a refinery unless they can also get a slice of your growing downstream market,” Puri said at an event.
India, the world’s 3rd-largest oil importer and consumer, plans to raise its refining capacity to 6.2–6.4 million barrels per day (bpd) from the current level of around 5.4 million bpd. The expansion will involve building new refineries and upgrading existing facilities.
Puri said setting up a refinery requires significant investment, with the cost estimated at around ₹780 billion to ₹800 billion (8.13billion–8.34 billion).
“So yeah, they’re very keen on these investments”, he added.
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