9 May 2007 - 11:04
  • News Code: 104206

Nicosia : Fereidun Fesharaki, a well-known expert on energy questions and CEO of FACTS Global Energy, recently told a conference in Dubai, that India would become an oil exporter of around 1.5 million barrels a day (b/d) by 2010, which could rise to 1.65 million b/d by 2012.

Speaking at the Middle East Petroleum and Gas Conference in Dubai on April 16-17, Fesharaki has said that India is planning to add nearly 1.8 million b/d of capacity between 2007 and 2017. 

 

As India"s oil product demand is projected to grow by only 635,000 b/d in the same period, which is significantly lower than the new capacity, India could export some 1.5 million b/d by 2010 and 1.65 million b/d in 2012.

 

The energy expert said that he believed that in addition to firm projects, India would add another 300,000-500,000 b/d of refining capacity in the near future, raising its capacity to 2 million b/d. India would becoming Asia"s largest product exporter in refined products, surpassing Singapore.

 

Fesharaki also expressed the opinion that the prevailing high oil prices did not reduce global oil demand in totality, but changed the structure of demand. High oil prices, he added, had the result of dampening demand worldwide.

 

"In Asia, China and India now account for some 80% of demand growth, while key developing countries have witnessed very weak demand, "the expert said.

 

 

PIN/DAILYINDIA.COM

News Code 104206

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