{"id":11784,"date":"2024-09-04T09:33:12","date_gmt":"2024-09-04T09:33:12","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11784"},"modified":"2024-09-04T09:33:12","modified_gmt":"2024-09-04T09:33:12","slug":"top-indian-oil-firm-looks-to-build-8-3-billion-refinery-as-fuel-demand-soars","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11784\/","title":{"rendered":"Top Indian Oil Firm Looks to Build $8.3-Billion Refinery as Fuel Demand Soars"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0State-held Oil and Natural Gas Corporation (ONGC), the biggest oil and gas explorer in India, is assessing plans for an $8.3-billion refinery plus petrochemicals project in the most populous Indian state to take advantage of growing fuel demand, sources with knowledge of the matter have told Bloomberg<\/a>.<\/p>\n

ONGC is considering situating the refinery project expected to cost $8.3 billion (700 billion Indian rupees) in the state of Uttar Pradesh in northern India. With 241 million inhabitants, Uttar Pradesh is the most populated state in the country.<\/p>\n

The refinery and petrochemical complex is expected to be able to produce 9 million ton per year of fuels and petrochemicals, according to Bloomberg’s sources.<\/p>\n

ONGC has discussed with state-controlled refiner Bharat Petroleum Corporation Ltd (BPCL) the idea to build the refinery in Prayagraj, the most populous district in the state, the sources told Bloomberg.<\/p>\n

Separately, BPCL is said to be in talks with major local banks to secure a loan of about $3.8 billion<\/a>which it will use to expand the capacity of one of its refineries, Bloomberg\u00a0reported\u00a0last week, quoting sources with knowledge of the discussions.<\/p>\n

BPCL is looking to raise around $3.8 billion (320 billion Indian rupees) from lenders to boost the capacity of its Bina refinery in the Madhya Pradesh state in central India.<\/p>\n

India has said that it expects to raise its refining capacity by around\u00a01.12 million barrels per day<\/a>\u00a0(bpd) each year until 2028 as it seeks to meet rising fuel demand. Total Indian refining capacity is expected to increase by 22% in five years from the current 254 million metric tons per year, which are equal to around 5.8 million bpd.<\/p>\n

BPCL’s chairman G. Krishnakumar said last week that the refiner sees India’s fuel demand rising by between 4% and 5%<\/a> per year for the “foreseeable” future.”<\/p>\n

To meet the growing demand for refined oil products and petrochemicals, many Indian refiners plan to expand their crude processing capacities and ethylene cracker units at refineries.<\/p>\n

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