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Golden era for refiners coming? Why Indian companies will make a lot of money

Oil
  •   Article by:
  •   Date Published: April 04, 2024
  •   Who was cited: Dr. Fereidun Fesharaki, Chairman - FGE
 
Dr Fereidun Fesharaki, Founder & Chairman, FGE, Singapore, says new refineries are nor coming up while demand is growing. It creates a golden age for refining, at least for the period of 2024, 2025, 2030. After that, the golden age will disappear. Still, the margins will be okay, as many refineries in Europe and the US will end up closing. But in Asia, outside of Japan, and some refineries in China, everybody continues. Nobody ever thinks about shutting down a refinery in India. Refineries in India are often run at above 100% which is unusual. India is short and either has to be supplied by Reliance or Nayara or has to import. But the markets are very brisk in India and the refining companies in India make plenty of money. 

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