Reliability as a growth lever in India’s refining sector
By Sean Matthew, Business Development Manager, India
India’s demand for energy is rising steadily. Across emerging markets, the International Energy Agency (IEA) reports that India’s energy demand is growing fastest, with average increases of 3% annually expected until 2035. Even as renewables continue to be integrated, India’s oil demand is also flagged to rise by 2 million barrels per day (mbpd) to 2035, the largest increase in any country. With import dependency projected to ramp up from 87% in 2024 to 92% by 2035, the government is stepping up initiatives for domestic production.
As new capacity or investment in new assets will incur significant time, planning and cost, the burden is on existing refineries. The issue lies in the assumption that refineries will continue to meet escalating demands. Although originally designed for durability, long service life, and reliable performance under challenging conditions, they were not engineered to sustain progressively higher utilisation rates, stricter efficiency and emissions standards, and an ever-diminishing tolerance for operational disruption. Reliability and asset integrity have therefore become central to how refiners think about growth.
This shift is visible in the conversations unfolding around India Energy Week. Between policy panels and investment forecasts, a key question has emerged: How long can ageing infrastructure continue to deliver at higher expectations without a change in how it is maintained?
