It is reported that India's oil minister Dharmendra Pradhan requires India on Monday three state-owned oil refining and oil sales company investigating research to build a new oil refinery, attaches great importance to the international energy agency (IEA), the latest forecast for India's demand for oil.
Pradhan references, the IEA said India's oil demand growth data released recently, refiners need to plan ahead, because a new refinery need 8 to 10 years.
The IEA in 2015 India's energy outlook report released recently said that 2040 years ago, India's oil demand will increase by 6 million barrels per day to 10 million barrels per day, growth is among the world's first, adding that the oil refining industry will find it difficult to walk in front of product requirements.
India's current refining output for 215 million tons/year (4.32 million barrels per day), and India in 2014 oil demand for 161.5 million tons/year, so the current India has become a net exporter of oil products.
The IEA said: "under the new policy, the absolute scale of Indian demand growth and decline in domestic crude oil output means India refinery production of refined petroleum products are increasingly involved in the domestic market, finally refining capacity will lag behind the domestic demand."