Tiger In The Tanker

21 Oct 2016: Over much of the last decade, China has been the engine of oil demand growth as construction projects and a booming manufacturing industry, combined with a growing middle class led to double-digit growth in energy demand. India is potentially at the start of a similar development. During the last 3-4 years, significant refining capacity has come on stream in India, which has led to strong growth in petroleum product exports. In contrast to China, this new refining capacity was privately owned and was primarily geared towards exports rather than domestic demand. The fact that the largest refineries are privately owned was highlighted in the announcement that Essar Oil, the owner of the 405,000 b/d refinery in Vadinar in Gujarat, was sold to a consortium of Rosneft of Russia, the oil trader Trafigura and the private investment group United Capital Partners. Download Here