India is set to become the primary driver of global oil demand growth, with projections indicating an increase of nearly 2 million barrels per day by 2035.
This surge is attributed to India’s rapid economic expansion, urbanization, and the rising energy needs of its growing population.
In response to this anticipated demand, Bharat Petroleum Corp (BPCL) has announced plans to invest $11 billion in a new refinery and petrochemical project in Andhra Pradesh. The project aims to build a refinery with a capacity of at least 9 million metric tons per year and an ethylene cracker, with 80% of its output intended for southern India.
Additionally, BPCL is exploring the construction of a new refinery in collaboration with Oil and Natural Gas Corp in Uttar Pradesh. The company is also expanding into renewable energy, targeting 10 GW of projects by 2035, and has announced a joint venture with Sembcorp to grow its renewable energy portfolio.
These developments underscore India’s significant role in shaping future global oil markets and its commitment to meeting the energy demands of its expanding economy.
