BPCL to invest USD6.75 billion to raise Refining Capacity

India: Country's second-biggest state refiner, Bharat Petroleum Corporation Ltd.(BPCL) plans to invest USD6.75 billion by 2022 to enhance refining capacity for meeting the rising fuel demand. BPCL intends to increase its crude processing capacity to 1.18 million barrels per day by 2022 from the current level of 0.73 million barrels per day. During financial year 2015-16, fuel demand in India rose to its highest level in the last 15 years. As per reports of International Energy Agency, India is expected to account for a 25% of global energy use by 2040.

TechSci Research depicts rising demand for valve in refinery, oil and gas, power, petrochemicals, etc. has catalyzed the industrial valves market in the country. Oil & gas pipeline infrastructure is undergoing considerable expansion in India and since valves are regularly deployed in pipelines, which in turn has been driving their sales in this sector in India. Widening demand supply gap in Indian power industry has been driving the need for power capacity additions, which in turn is providing a boost to valves market in the country. 

According to released report of TechSci Research “India Industrial Valves Market Forecast & Opportunities, 2020”, industrial valves market is expected to register substantial growth at a CAGR of 13% during 2015-2020. Growing demand for industrial valves in power and oil & gas processing sector have been driving the sales of industrial valves in the country. Indian government is also investing significantly in the country’s oil and gas pipeline infrastructure development, which is expected to drive the installation of valves over the forecast period.