India is the 2nd largest refiner in Asia.
- India is the 3rd largest energy and oil consumer in the world after China and the US.
- India is the 4th largest importer of liquefied natural gas (LNG).
- India consumed 213.2 MMT petroleum products and 60,747 MMSCM natural gas.
Industry Scenario/ Market Size
India’s current refining capacity stands at 249 MMTPA, comprising of 23 refineries, 18 under the public sector, 3 under the private sector and 2 in a joint venture. Indian Oil Corporation (IOC) is the largest domestic refiner with a capacity of 80.7 MMTPA.
The top three companies contribute around 66.7% of India’s total refining production from FY 2018 – 19.
- Indian Oil Corporation Limited(IOCL)
- Bharat Petroleum Corporation Limited(BPCL) and
- Reliance Industries Limited(RIL)
At present about 16,788 km of the natural gas pipeline is operational and about 12,672 km gas pipelines are under development.
India has witnessed a steady increase in production as well as consumption of petroleum products over the years. The production of petroleum products stood at 243.5 MMT during 2016-17 to 262.3 MMT in 2018-19.
Investments
According to data released by the Department for Promotion of Industry and Internal Trade Policy (DPIIT), the petroleum and natural gas sector attracted FDI worth US$ 7.018 billion between April 2000 and March 2019.
MMT: Million Metric Ton = 1,000,000 tonnes
MMTPA: Million Metric Ton Per Annum
MMSCM: Million Metric Standard Cubic Meter
Image Source: Google Images
