Industry Overview
India, the world's third-biggest oil importer and consumer has refining capacity of about 249 million tonnes a year, equivalent to about 5 million barrels per day (bpd), and is the fourth largest in the world after the United States, China and Russia. Refining capacity is expected to climb to 298 million tonnes a year by 2025. India is the next largest contributor of Asia’s crude oil refining capacity, after China.
According to data the country is expected to contribute 15% of the Asia’s crude oil refining capacity in 2023.
The country’s total refining capacity is set to grow at an average annual growth rate (AAGR) of 5.3% to 6,525 mbd in 2023. India’s planned crude oil refining capacity is also expected to increase to 580 mbd in 2023.
India plans to grow its refining capacity from around 250 million tonnes per annum (mtpa) to 400 mtpa by 2025.
India’s crude oil refining capacity is growing rapidly to meet burgeoning demand for petroleum products. The booming automobile and aviation sectors, fast urbanization and growing use of liquefied petroleum gas (LPG) for cooking are the major drivers for refined products in the country. India has a total of 23 active crude oil refineries, of which, Jamnagar II, Jamnagar I and Vadinar are the major active refineries with total refining capacities of 704 mbd, 660 mbd and 405 mbd.