India set to expand refining capacity as global production slumps

India's refining industry is well-positioned to meet rising international demand as global refining capacity faces headwinds, according to Union Minister Hardeep Puri. The minister highlighted that India's current refining capacity of around 290 million tonnes per annum provides a competitive advantage in the global market.

The nation's petroleum sector has invested significantly in expanding and modernising refinery infrastructure, enabling it to process crude oil efficiently and meet both domestic and international requirements. This expansion comes at a time when several major oil-producing and refining nations are facing capacity constraints due to various geopolitical and economic factors.

India's strategic position as a major refiner is expected to strengthen further with planned capacity additions across the country. The refining sector plays a crucial role in India's energy security and export potential, contributing significantly to the nation's economic growth and foreign exchange earnings.

As global refining capacity declines, Indian refineries are increasingly attracting international buyers seeking reliable supply sources and competitive pricing. The sector's continued growth is expected to cement India's role as a key player in the global petroleum refining market.