Last wave of oil refining bets centres around India

Ramping up: The logo of Oil and Natural Gas Corp along a roadside in Ahmedabad. India has set in motion a building blitz at its oil refineries to raise production of traditional transport fuels such as gasoline and diesel. — Reuters

THE world is on the cusp of what’s likely to be the last big refining boom as India embarks on a capacity expansion to accommodate the country’s rising thirst for fossil fuels.

The South Asian nation has set in motion a building blitz at its oil refineries to raise production of traditional transport fuels such as gasoline and diesel, which could lift capacity by more than 20% over the next five years.