India is moving to the centre stage of global energy market and by the early 2020s it will replace Russia as the world’s third largest refiner. It is not only oil. It is coal. It is solar. It is out of the strong growth in the economy and the population growth. Being attended by top world leaders including those from the corporate sector and oil ministers of countries like Saudi Arabia, Russia, the United Arab Emirates and Canada, the Indian delegation is led by the Union Petroleum Minister Dharmendra Pradhan. In its annual report released during the conference, IEA said on the demand side, there is less uncertainty: growth will continue, driven mainly by Asia. India is gradually becoming the focus of attention as Chinese demand growth slows. Noting that Indian per capita oil consumption is just 1.2 barrels per year today, the number is expected to reach 1.5 barrels per year by 2022. This compares to China’s three barrels per capita per year today, a figure expected to be 2. 5 by 2022. Although, a direct comparison between India and China does not take into account societal and economic differences, the overall point is valid; there is clearly still plenty of growth to come from India. Indian refineries have some of the highest utilisation rates in the world, churning out products for both domestic and export markets.

(Financial Express)