Billion Dollar Refinery Project The World’s Biggest Refinery gets a Rival: New Project takes the Crown as India’s Biggest Investment
A new trillion-Rupees-refinery-investment in Maharashtra, India, could become a rival for the world’s biggest petro-project: The Reliance Industries’ Jamnagar mega-plant.
New Delhi/India – It was Oil Minister Dharmendra Pradhan who spilled the news in a Twitter statement, saying that Indian Oil (already India’s biggest refiner) plans a 1 trillion rupees US $ 14.7 billion refinery project in Maharashtra. The new 60 million tons per year (or 1.2 million barrels per day) facility will be built together with Bharat Petroleum, Hindustan Petroleum and engineers India in two phases of 40 and 20 million ton production lines respectively. Investment for the first phase alone accounts for around one trillion Rupees, Pradhan said.
The new site shall produce a variety of fuels and petrochemical feeds for the nearby industry. Upon completion in 2026, it could be head on head with reliance’s industries refinery complex in Jamnagar (with a combined daily production capacity of 1.24 million barrels), currently the largest refinery site in the world.
With the energy demand in India expected to rise to around one quarter of the total global consumption by 2040 (according to IEA figures), oil demand is expected to reach 10 million barrels per day (from around four million barrels/day as of today).