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India's oil refining industry has launched two major battles to expand capacity and improve quality
India is the world's fourth-largest consumer of oil and petroleum products, Asia's second-largest refiner, and the world's
fourth-largest refiner.
India's GDP is already among the top ten in the world, and its growing population is spurring growing
energy demand.
According to the World Economic Outlook 2016 released by the International Monetary Fund (IMF), India will grow the fastest in the world in the
next decade.
Rapid economic growth has led to strong growth in oil demand in India, but the deterioration of air quality will prompt Indian and local refiners to invest more to expand refining capacity and improve oil quality
.
Global cracking feedstocks tend to be lighter
Matthew Thoelke, senior manager of olefins and derivatives at IHS Chemicals in Europe, the Middle East and Africa, said the share of naphtha feedstock in global ethylene production will decline significantly in
the coming years.
In 2015, the global ethylene production was 141.
8 million tons, of which naphtha raw materials accounted for 44.
3%, and by 2020, the global ethylene production will reach 168.
5 million tons, but the proportion of naphtha raw materials will fall to 39.
4%.
The proportion of ethane raw materials will increase from 35.
5% in 2015 to 39.
3%
in 2020.
The share of LNG feedstock will fall from 14.
5% to 12.
6%.
The share of other raw materials will increase from 5.
6% to 8.
7%.
The oil market will tend to be tight
Statoil expects tighter supplies from the global oil market in the coming years, which could lead to a sharp increase in
oil prices.
The company also said that even if oil demand falls, large-scale global investment will be needed to offset the impact of reduced production from existing fields
.
Assuming an annual decline in global oil production of 3%~6%, by 2040, the output of oil fields currently in production around the world will fall from 95 million b/d last year to 20 million ~ 50 million b/d
.
By 2040, even if global oil demand falls to 80 million b/d, Statoil and other oil companies will still need to find and develop fields that can increase production capacity by 30 million ~ 60 million b/d to make up for the supply gap
left by aging fields.
The EPA recommends increasing the use of biofuels
To protect the environment and improve air quality, the U.
S.
Environmental Protection Agency (EPA) has proposed to Congress a rule requiring U.
S.
refineries to blend 18.
8 billion gallons of corn-based bioethanol and other biofuels into their diesel and gasoline in 2017, an increase of nearly 700 million gallons from this year's blending amount, but still far below the 24 billion gallons required by a 2007 law
.
In a filing with Capitol Hill, the EPA called for a modest 4 percent
increase in the amount of biofuels used for diesel and gasoline next year from the 18.
11 billion gallons planned for this year.
Biofuels include 14.
8 billion gallons of corn ethanol, an increase of 300 million gallons from 14.
5 billion gallons
this year.
