Indian Prime Minister Narendra Modi has affirmed that his country will continue to build new refineries to enhance the security of oil supplies, despite many Western countries moving towards closing their refining facilities.
Bloomberg quoted Moody as saying that the United States has not built any new oil refineries in the past 50 years, while Europe is experiencing a continuous decline in its refining capacity.
The Prime Minister's remarks came during the opening of India's first new oil refinery in ten years, where he stressed the government's commitment to continuing to boost the refining sector's production capacity.
According to an analysis by BloombergNEF, the Greenfield refinery, with a production capacity of 180,000 barrels per day and located in the Thar Desert in Rajasthan, is expected to be the only new refinery in the world to come online this year.
The refinery has an annual petrochemical production capacity of approximately 2.4 million tons, and its construction cost reached $8.3 billion.
