India aims to nearly double its refining capacity by 2025, Prime Minister Narendra Modi told this week’s CeraWeek India Energy Forum. Prospects of this being realized appear slim, but the ambition is indicative of India’s burgeoning appetite for energy amid its rapidly expanding economy and population.
These mid-to-long term expectations are in stark contrast to the immediate situation, with the coronavirus pandemic having hit India especially hard. The IMF projects that India’s economy will shrink by 10.3% this year, and crude imports have dropped 12% year-on-year over the first eight months of 2020. (CONTINUED - 1031 WORDS)
