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India to replace Russia as world's third largest refiner: IEA official

IBEF:  March 08, 2017

Houston: India is expected to replace Russia as the world’s third largest refiner by the year 2020, said Dr Fatih Birol, Executive Director, The International Energy Association. The strong growth in the economy and the population growth is driving India towards the centre stage of global oil and energy markets. The leadership of Mr Narendra Modi, Prime Minister, has provided a strong growth to the Indian economy, particularly in terms of boosting oil and gas production. India is now becoming the focus of attention as the demand in China has begun to slow down. India's per capita oil consumption is expected to rise to 1.5 barrels per year from 1.2 barrels at present by the year 2022. Capacity additions totalling to 860 thousand barrels per day are expected to be made in the next five years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.