India is poised to take the lead in upcoming crude oil refinery ventures across Asia until 2027

This dominance, accounting for 45% of the projects slated to commence between 2023 and 2027 in the region, is driven by the escalating demand for petroleum products.

GlobalData's most recent report, titled "Analysis and Forecast of Crude Oil Refinery Projects by Region, Key Countries, Project Type (New Build and Expansion), Development Stage, and Cost by 2027," reveals that out of the 81 refinery initiatives set to commence operations in India during this period, two will be groundbreaking projects, while the rest will constitute expansions of existing facilities.

Within India, 35 upcoming refinery projects are currently under construction and anticipated to begin operations between 2023 and 2027. Additionally, 32 projects are in the approval phase, while 11 are in the commissioning stage.

Bhargavi Gandham, an Oil & Gas Analyst at GlobalData, offers insights, stating, "India, as one of the foremost consumers of petroleum products, is expanding its refining capacity to effectively cater to the surging demand. Petroleum product consumption in the country has witnessed an annual growth rate of approximately 10% for the financial year ending March 2023. This heightened demand is primarily fuelled by rapid industrialisation, infrastructure development, increased vehicle sales, and overall economic expansion."

Among the noteworthy expansion projects expected to commence operations in India by 2027, the Vadinar CDU Expansion takes the lead with a capacity of 515 thousand barrels per day (mbd) and a targeted operational date in 2024. Nayara Energy Ltd is overseeing the project, with Rosneft Oil Co and Kesani Enterprises Co Ltd sharing 49.13% equity each.

The Paradip CDU Expansion and the Panipat CDU Expansion projects follow closely with a CDU capacity of 200 mbd each. Indian Oil Corp Ltd operates and holds 100% equity in both projects.