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Annual Report 2007-08
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:: PRESS RELEASES |
INDIAN PETROLEUM PRODUCTS INDUSTRY: OPPORTUNITIES & CHALLENGES
EXIM BANK STUDY
Exim Bank's latest occasional paper titled, 'Indian Petroleum Products Industry: Opportunities and Challenges', noted that India is th6e sixth largest producer of petroleum products with 118 million tonnes of production in 2004-05. The increasing production has positioned India as a net exporter of petroleum products since 2001-02. India exported petroleum products to the tune of US $ 6.8 billion in 2004-05. The share of petroleum products in India's total exports has also increased from 4.29% in 2000-01, to 8.57% in 2004-05. The study delineated that middle distillates comprising kerosene, aviation turbine fuel, high-speed diesel oil and light diesel oil formed the major chunk of exports among the petroleum products.
The study observed that while the top three export markets for Indian petroleum products are Singapore (25.5%), Iran (9.8%) and UAE (7.4%), a lot of potential exists for expanding our presence in other Asian markets, as India has unique advantage of economies of scale and capabilities of producing niche products for these markets. India holds more than 1% market share in major petroleum products import markets, such as Singapore, Japan, United Kingdom, Belgium and Korea. The share of Indian petroleum products in Singapore market is high at 10%.
The study has focused on various challenges that hinder the export growth of the Indian petroleum products industry. These include price volatility of crude oil, supply disruptions, imparting capital-intensive technology and improvement in quality of petroleum products to enhance its competitiveness.
The study has also highlighted various suggestions by which India can make its presence felt in the global market for petroleum products. These include, increasing strategic reserves, both within and outside the country, through joint ventures and energy agreements; integration of existing refineries, with both forward and backward linkages; expanding infrastructure facilities to and from refineries for easier and faster transport; increasing refining capacities; improving the quality of products by increasing research activities; increasing the use of new technologies such as 3-D seismic interpretation and advanced reservoir simulation techniques; and strengthening of energy diplomacy, with oil producers and consumers of petroleum products in the world.
For further information, please contact
S. Prahalathan,
Planning & Research Group,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai-400005.
Telephone: 2216 0364,
Fax: 22180743;
e-mail: prahalathan@eximbankindia.in
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