India plans to raise refining capacity by 77% by 2030

India’s economic expansion is driving up fuel consumption, with increased energy access for commercial and retail consumers. (Reuters)
Updated 08 February 2018
0

India plans to raise refining capacity by 77% by 2030

NEW DELHI: Refiners in India, the world’s third-biggest oil consumer and importer, have drawn up plans to raise their capacity by 77 percent to about 8.8 million barrels per day (bpd) by 2030 to meet the country’s rising fuel demand. India’s refining expansion plan will ensure the nation’s surplus production of diesel and petrol will last until 2035, according to a report by the Ministry of Petroleum and Natural Gas.

India is emerging as one of the key global drivers for refined fuels consumption as its economic expansion and rising industrial activity yields infrastructure improvements and increased energy access for commercial and retail consumers.
If current patterns of use continue, the country’s fuel demand could rise to as much as 335 million tons by 2030, and 472 million tons by 2040, from about 194 million tons last year, the oil ministry’s report said.
On the basis of expansion plans submitted by refiners to the government, petrol production will remain in surplus up to 2035, turning into a deficit in 2040, according to the report.
A spokesman for the oil ministry declined to discuss the report further when contacted by phone. Diesel will remain in surplus until about 2035, beyond which domestic demand will overtake supply, the report said. The report also forecast a growth of 5 percent or more each year in India’s petrol, diesel and jet fuel demand to 2030. The report recommended the refiners set up petrochemical projects and cut production of petcoke and fuel oil.


Iraq, Iran discuss boosting bilateral trade

Updated 17 November 2018
0

Iraq, Iran discuss boosting bilateral trade

  • Both countries could raise annual bilateral trade to $20 billion from the current level of $12 billion
  • Iraqi President Barham Salih arrived Saturday and met with his Iranian counterpart Hassan Rouhani

DUBAI: Iranian President Hassan Rouhani said on Saturday Iran and Iraq could raise annual bilateral trade to $20 billion from the current level of $12 billion, in remarks carried live by state television.
“Today, the economic relations between the two countries reach about $12 billion (per year) and, through bilateral efforts, we can raise this figure to $20 billion,” Rouhani told visiting Iraqi President Barham Salih.

Salih's Iran visit comes less than two weeks after the United States restored oil sanctions that had been lifted under the 2015 nuclear deal.
State TV says Barham Salih arrived Saturday and met with his Iranian counterpart, President Hassan Rouhani.
Iran, which has had major influence over Iraq since the 2003 US-led invasion that toppled Saddam Hussein, is hoping to maintain exports to its neighbor despite the renewed sanctions. Iraq is Iran’s second-largest market after China, buying everything from food and machinery to electricity and natural gas.
Trade between the two countries was some $7 billion in 2017, and they have vowed to boost it to $8.5 billion this year.

(With AP)