Abstract
India is likely to be a net oil importer in the foreseeable future and any additional refining capacity will run essentially on imported crudes. It is not clear that self-sufficiency in indigenous refining capability will be the least-cost option. Product price levels in the international market and quality of crude oils available for import are among the major factors that will influence refinery-investment decisions. It may be desirable for India to negotiate a suitable petroleum products procurement contract with productsurplus nations in the region.
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