RIL and Major Indian Oil Refiners Boost Nation’s Oil Processing

Oil refiners in India have increased nation’s crude processing output in November, for the tenth month this year. The rally in boosting oil refining in India was led by Mukesh Ambani owned Reliance Industries Limited (RIL) and Bharat Petroleum Corp. (BPCL).

A statement from the Oil Ministry stated that refiners have converted 14.4 million metric tons of crude into fuels. This output is 11 percent higher than the previous year. Oil Ministry also stated that Reliance Industries Limited has not revealed any information about its new refinery which estimates to give an output of 29 million tons a year.

Reliance Industries Limited, operator of the world’s biggest refining complex at Jamnagar managed the oil processing, leading to an increase by 40 percent to 2.9 million tons. Bharat Petroleum Corp., managed by the state contributed to an increase in output by 20 percent, to 2 million tons. Essar Oil Limited (ESOIL), RIL’s non-state rival has increased production by 1.3 percent.

Indian Oil Corp. (IOCL), India’s largest refiner has contributed 4.7 million tons which marks an increase by 6.1 percent. It’s refining plant at Panipat in the northern state of Haryana increased production by 20 percent. Hindustan Petroleum Corp. (HPCL), a Fortune 500 Company based in Mumbai raised processing output by 2.8 percent to 1.4 million tons.

Oil exploration and production are vital for India’s economic growth. If Indian refineries continue their exorbitant outputs, amount spent on crude oil imports will certainly decrease, affecting the nation’s economy positively. There is always an increasing demand for energy consumption. If Reliance Industries Limited and BPCL continue to lead such ventures, we can expect even better results in the upcoming years.

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