Even though the country as a whole imports more oil than what is produced locally, India is now the top petroleum products exporting nation in Asia.
India is now the largest petroleum products exporter in Asia, surpassing South Korea. According to the data compiled by oil and metal information provider Platts, India’s gross exports currently average 1 million barrels a day, inching past South Korea which exports 0.9 million barrels a day.
With the commissioning of a new refinery by Reliance Industries at Jamnagar and Essar Oil increasing refinery output at Vadinar, India overtook South Korea by mid-2009 and has since then consistently maintained the lead position.
India’s average petroleum products export grew from 0.77 million barrels a day in January 2009 to one million barrels a day in August 2009. In the current year, the average oil products export from India stands at 1.07 million while South Korea exports average 0.88 million.
In fact, India’s refining capacity at 3.69 million barrels a day is the third largest in Asia after China and Japan, which have a refining capacity of 9.6 million bpd and 4.64 bpd respectively. Platts’ compilation is based on the data from individual countries.
“Both Reliance Industries’ Jamnagar and Essar’s Vadinar refineries contribute more than 90 per cent of the petroleum products exports while the rest is by public sector oil companies,” said Ms Vandana Hari, Asia Editorial Director, Platts.
Read the full article here