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Refinery rejig: Why is India steadily raising petrochemicals capacity

Estimates for the sector are bullish for a decade but it is not an easy business to run, say experts

Subhomoy Bhattacharjee New Delhi

Premium

Photo: Bloomberg, oil, crude oil

9 min read Last Updated : May 23 2023 | 12:06 PM IST

An international game is afoot and India is in the middle of it: oil refineries producing petrochemicals. Investments look bullish for a decade at least, seemingly unfazed by the Russia-Ukraine war.

Not everyone will stay around despite the bullish refrain unless they capture the full range of the value chain, including petrochemicals, said Daniel Evans, vice president, global head of refining and marketing at S&P global commodity insights, in Delhi recently.

India-based refining companies are on course to invest heavily in new capacity that will increase the total to more than 300 million tonnes per annum from the current 249.22 mmtpa. Petrochemicals are a significant part of such investments though their short-term prospects, excluding India, are clouded by the spectre of global oversupply, said Vanessa Ronsisvalle, editorial director of Petrochemicals Asia (Platts).