State-owned Oil India Ltd. is looking for a partner to help it build and operate refineries, according to T.K. Ananth Kumar, the company’s director of finance.
India is currently the world’s fourth largest refiner by capacity, with output at 215 million tons per year.
This capacity is expected to increase to 310 million tones per annum (mpta) by 2017.
India now has 22 refineries.
Large refiners include Reliance Industries and Essar Oil Ltd. Reliance has a 60 mpta capacity while Essar has 20 mpta.
India’s energy demand is forecast to double by 2035.
Oil India’s net profit for the three months ending June 30 fell 34.5% to INR609 crore, mostly due to a decline in oil prices.