India's oil imports jump as refineries start up

India's crude oil imports are expected to rise substantially in the current 1999-2000 fiscal year as massive new refining capacity comes on stream. About 41 million metric tons/year of new Indian refining capacity is being commissioned in 1999. This is more than 60% of the 67.55 million tons/year of refining capacity set up in the country to date, including 6 million tons/ year at the Panipat refinery of Indian Oil Corp. (IOC) which will be fully commissioned in the next few weeks (OGJ, Dec. 21, 1998, p. 28). It has been projected that India will have to import about 78 million tons/year of crude oil by 2001-02-the last fiscal year of the ninth 5-year plan. This figure i...

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