India a 'refining superpower': Rubio — SkimNews
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- Marco Rubio called India a 'refining superpower' after visiting Reliance’s Jamnagar refinery, highlighting its strategic importance to US energy trade and global supply stability
- India ranks as the world’s fourth-largest crude refiner with 267 MMTPA capacity and aims to expand to 309.5 MMTPA by 2030, supported by government-backed projects and private investment
- Reliance Industries operates the world’s largest single-site refinery in Jamnagar, capable of processing 1.4 million barrels per day, including heavy Venezuelan and discounted Russian crude
- Indian petroleum exports rose 37% year on year to over $41.18 billion from April to September, with surging shipments to Singapore, ASEAN, Africa, Europe, and the US
- US sanctions policy shifted under Trump with waivers on Russian diesel and oil purchases, enabling India to import cost-advantaged Russian crude while boosting refining margins
- India’s domestic fuel demand is projected to grow rapidly due to urbanization and industrial expansion, potentially absorbing part of its new refining capacity despite export ambitions
Why it matters: India’s refining expansion gives it outsized influence in global fuel supply just as China caps capacity and conflicts disrupt refining in Russia and West Asia. With 900,000 barrels per day of new capacity expected by 2027, its ability to export will hinge on whether output growth outpaces its own rising demand.
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