Oil and Petroleum Industry Where to invest?
In India, the petroleum industry is majorly promising for foreign investment because the industry is a fast growing segment and it has been showing an astounding growth rate of almost 13% in the recent past. Moreover, the Indian petroleum industry today also boasts technology of international standards, easy availability of infrastructure at a very cheap rate, increasing demand for petroleum products, and growing spending habits of the middle-class people. All of these factors make investments in the industry of Indian petroleum an attractive proposition for foreign investors.
The petroleum refining processes consist of the chemical processes and other facilities used in petroleum refineries, which are also called oil refineries, to transform crude oil into useful products like liquefied petroleum gas, liquefied petroleum gas (LPG), gasoline or petrol, kerosene, jet fuel, diesel oil, and fuel oils. Refineries are huge industrial complexes that contain many different processing units and auxiliary facilities like utility units and storage tanks. Every refinery has its unique arrangements and combination of refining processes majorly determined by the refinery location, desired products, and economic considerations.
Related Projects: - Petroleum and Petroleum Products, Refining, Greases, Lube Oil, Brake Fluid, Automotive & Industrial Lubricants
The Indian refining industry is doing exceedingly great in establishing itself as a growing industry globally. India is growing as a refinery hub and refining capacity surpasses the demand that is the second biggest refinery in Asia after China. India’s refining capacity has increased from 215.066 MMTPA to 230.066 MMTPA recently. Refinery crude oil for the year 2018-2019 is 232.865 MMT against 223.242 MMT in the year 2017-2018, presenting an increase of about 4.31 % Tons.
Trends, Growth and Market Overview of Refining Process
The global distillation and refining capacity is anticipated to reach a CAGR of approx. 2020 -2025, with a majority of business coming from Asia-Pacific and the Middle East. With the present global refining capacity of almost 100 million barrels per day, Asia Pacific is the major player of the market having around 35% of global refining capacity. The development of human and vehicle population. A population of around 8.1 billion and more than 100 million vehicles on roads are estimated by 2025.
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- The high demand for refined products, majorly in Asia-pacific, is anticipated to push the oil refining market during the forecasted period. Although the demand for refined products occurs in other parts of the world, because of the increasing vehicle population in Asia-Pacific, it has the highest demand.
- Globally, the demand is expected to grow by triple in the next two decades. This development in demand can be attributed to the increasing world population and an improvement in living standards in growing countries. Although the new and renewable energy sources are gaining popularity across the globe, refined fuel is anticipated to remain a major energy source globally and is anticipated to create opportunities shortly.
- Asia-Pacific is anticipated to remain the major player in the oil refining market. During 2018, the region covered approx. 34% of the global refining capacity and is anticipated to remain the major player in the upcoming period, with upcoming major refinery projects in China and India.
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Conclusion
NIIR Project Consultancy Services (NPCS) has written a book on “The Complete Book on Distillation and Refining of Petroleum Products (Lubricants, Waxes and Petrochemicals)” the book deals with all the important and valuable factors of the industry. Some of the valuable topics that the book consist are the nature of petroleum, crude oil processing, distillation in the petroleum industry, refining of lubricating oils, petrolatum, and waxes, residue fluidized catalytic cracking, chemical thermodynamics of petroleum, benefits of biodiesel produced from vegetable oil, petroleum products used as fuel oils, etc. The book is available on the website of NPCS. A lot of new entrepreneurs, existing units, technocrats, researchers, institutional libraries, etc. have taken the advantage of the book in India and worldwide.
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