As part of its diversification strategy, government-owned hydrocarbon explorer Oil India plans to diversify into building and operating refineries in the country and is looking for a partner, said the company Director, Finance, TK Ananth Kumar. For now the company's plans are India-specific, he added.
Oil India's move comes in the back of India becoming the hub of oil refining. India has a refining capacity of 215.066 million tonne per annum (mtpa) and is ranked fourth in the world. Falling production in its Assam fields and the political situation in the state is also said to be behind the company's move.
The company is looking for partners in refining business in the domestic refining companies, the top official of the company said. India is a net exporter of petroleum products such as petrol, diesel, jet fuel and naphtha.