Nayara Energy, a key player in India's oil sector and partly owned by Russia's Rosneft with a 49.13% stake, is set to ramp up its refining capacity at the Vadinar facility in Gujarat, doubling its throughput, a senior official at the country's ministry of petroleum and natural gas was quoted as saying by Russian news agency TASS.
"Imagine the current capacity as X; our goal is to increase it to 2X," Pankaj Jain explained.
Nayara Energy's operations include the Vadinar refinery, which boasts a primary oil refining capacity of 20 million tons annually, a deep-water port capable of accommodating massive VLCC class tankers, and an extensive network of over 6,000 gas stations throughout India.
Jain compared the expansion to building a new refinery, noting the advantages of enlarging an existing facility. "Since we're building upon established grounds, the expansion can proceed more swiftly," he said.
The strategic location of Vadinar, with its proximity to a sea port, is advantageous for transporting crude oil to the refinery, which is a critical aspect of the planned enlargement, he said.
Earlier in the year, Russian President Vladimir Putin highlighted the significant Russian investment in India's oil infrastructure, with Rosneft's $23 billion investment marking the largest foreign infusion into the Indian economy. This investment spanned an oil-processing plant, a network of gas stations and a port, with further plans for construction in the pipeline.
By Sibel Morrow
Anadolu Agency