NEW DELHI: India’s Reliance Industries, operator of the world’s largest refining complex, is considering expanding its oil processing capacity by over 40 percent by 2030, according to two sources familiar with the matter.
Reliance may expand the capacity at its dual refinery complex in Jamnagar in the western Indian state of Gujarat by 30 million tons a year to 100 million tons per year, according to the sources, who saw the expansion plans in a presentation by the company on potential energy scenarios to 2030.
Reliance made the presentation to India’s Center for High Technology (CHT), a unit of the Ministry of Petroleum and Natural Gas that evaluates projects and assesses their technological requirements.
The plans signal that Reliance remains bullish on the outlook for India’s fuel demand even as the government is considering plans to electrify all of the country’s vehicles by 2032.
Still, India’s demand for diesel and gasoline to power existing and future combustion engine vehicles will likely remain strong as its population grows and becomes more wealthy.
“The plan is to have petrol and diesel output capacity of close to 60 million tons by 2030, produced from cheaper heavy grades,” said one of the sources.
Reliance did not respond to a request for comment on the possible expansion.
Reliance operates two refineries at the Jamnagar complex with an installed capacity of 1.2 million barrels per day (bpd), or 60 million tons per year.
The plants typically operate above their installed capacity and process 1.4 million bpd of crude, or about 70 million tons per year. The refineries are among the most complex in the world and have facilities that can maximize the production of diesel and gasoline from so-called heavy, or higher density, crude oil that typically sells for less than other crude grades.
Raising the refining capacity at the Jamnagar complex to 100 million tons per year would equal about 2 million bpd.
The expansion makes sense in light of forecasts for strong fuel demand growth in the country, the world’s third-biggest oil consumer. Consultant FGE estimates India’s fuel demand will rise to 6.5 million bpd in 2030 from an estimated 4.2 million bpd in 2017.
Although Reliance has not yet prepared a blueprint for the expansion and details of the costs are yet to be worked out, it would require around $10 billion to complete the plan, said one source.
In 2014, Reuters reported that Reliance was planning a 400,000 bpd expansion at the Jamnagar site. That plan is yet to be approved by the environment ministry, according to the ministry website.
— Reuters
India’s Reliance plans major expansion at world’s largest oil refinery complex
India’s Reliance plans major expansion at world’s largest oil refinery complex
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
