China’s natural gas demand growth in 2020 seen slowest in 4 years
China’s natural gas demand in 2020 is expected to grow at its slowest pace in four years due to a faltering economy, according to a think-tank at the country’s largest energy producer, China National Petroleum Corp. Slower demand growth in China would drag down global LNG markets already grappling with oversupply and low spot prices. In its annual outlook report released on Monday, the think tank forecast natural gas consumption to rise 8.6 per cent this year to 330 billion cubic metres. That would mark the slowest demand growth since 2016. CNPC expects 2019 gas consumption up 9.6 per cent year-on-year at 304 bcm. “Chinese economy is in the process of structural upgrade while macro-economy will continue to bear pressure. Also, the coal-to-electricity and the use of clean coal will slow down the growth of gas demand,” CNPC Research said. China’s natural gas output would hit 187.5 bcm in 2020, up 8.2 per cent year-on-year, boosted by Beijing’s push to increase domestic production, it said, adding that imports of the fuel is expected to reach 150 bcm, up 9.3 per cent from a year ago. The imports will partly come from Russia, driven by the landmark Siberian gas pipeline which was launched in December. In 2020, LNG imports are expected to rise 9.5 per cent year-on-year to around 94 bcm. The think-tank also expects China’s LNG receiving capacity to exceed 88 million tonnes per year. China overtook Japan as the world’s top importer of liquefied natural gas (LNG) in November and December on a monthly basis, but on an annual basis Japan is still the No. 1 LNG importer worldwide. The national’s crude oil output is forecasted to rise only 1.57 per cent from 2019 levels to around 194 million tonnes in 2020,the CNPC outlook shows. But apparent crude oil demand is expected to rise 3.6 per cent year-on-year to 719 million tonnes in 2020. Crude oil imports are forecast to rise 4.4 per cent to 525 million tonnes. Having added 900,000 barrels per day of crude processing capacity in 2019, China is expected to add 27 million tonnes, or around 540,000 bpd of new refining capacity this year, which would worsen fuel supply in the country and put pressure on refineries to sell overseas. “In 2020, oversupply of refined oil products will be intensified, and (we expect the) exports quota for refined oil products to continue increasing,” CNPC Research said. China has raised the volume of its first batch of 2020 fuel export quotas by 53 per cent from a year earlier to 27.99 million tonnes. China’s total fuel demand is forecast to rise 2.3 per cent to 393 million tonnes in 2020, while refined products exports is expected to surge 18.1 per cent to 64.5 million tonnes in 2020. The country’s crude throughput is forecast to rise 3.9 per cent year-on-year to around 675 million tonnes in 2020. China’s total exports of refined oil products are forecast to rise 18.1 per cent to exceed 64.5 million tonnes in 2020. In 2020, gasoline exports are expected to rise 35.39 per cent year-on-year to 23.68 million tonnes while diesel exports are forecasted to rise 10.69 per cent to 25.8 million tonnes. Kerosene exports are expected to rise 8.73 per cent to 15.07 million tonnes.
No dearth of crude oil in global market, says Union Minister Dharmendra Pradhan
Minister of Petroleum and Natural Gas Dharmendra Pradhan on Saturday said that there was no dearth of crude oil in global market and government was keeping a sharp eye on the global developments. Speaking to reporters on the sidelines of an event, Pradhan said, “Due to geopolitical situation, conflict in the Middle East there was a spike in the price of crude oil. It is subdued in the last two weeks. Let us wait and watch, let’s not create panic. Things are under control. Government of India (GoI) has kept a sharp eye on global development.” He also appealed to oil-producing countries and their leadership for peace and stability in the global economy. “There is no dearth of crude oil in the global market. We are taking it from OPEC, OPEC+, non-OPEC countries. Issue is – price. We are appealing to oil-producing countries and responsible leaderships that there should be peace and stability in the global economy”, he added. Earlier in the day, Pradhan had launched PURVODAYA: Accelerated development of eastern India through integrated steel hub in Kolkata.
RIL may get new MD before April 1; Manoj Modi, Meswanis among probables
Reliance Industries Limited (RIL) could get a new Managing Director soon if the directive by the Securities and Exchange Board of India (SEBI) on separation of the Chairman and Managing Director posts is implemented as per schedule on April 1. Mukesh Ambani, CMD of RIL will become the non-executive Chairman while a non-Ambani may become RIL’s MD for the first time in the company’s history. While there is buzz around RIL Executive Director Nikhil Meswani’s name, Mukesh Ambani’s confidante and right hand man, Manoj Modi, who is virtually CEO of the company would be a natural choice. The other two Executive Directors, Nikhil’s younger brother, Hital and P.M.S. Prasad would also be on the probables list. The Meswanis have been on the RIL board since mid to late 90s and are Mukesh Ambani’s cousins. Their father, Rasiklal Meswani was one of the founder directors when Dhirubhai Ambani founded RIL. Manoj Modi is not on the RIL board and does not hold a designated senior executive position but by all accounts has been one of the most important persons in RIL hierarchy. A questionnaire sent to RIL by IANS did not receive any response. SEBI has mandated to separate the roles of chairman and managing director/CEO of all listed entitled by April 1. The directive excludes family members and relatives from taking up the MD position. The meaning of relative as defined in Section 6 of the Companies act, 1956 defines the particular relationships: “A person shall be deemed to be a relative if and only if, they are members of the Hindu undivided family, they are husband and wife or the one is related to the other in the manner indicated in Schedule 1A. “These include father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), father’s father, father’s mother, mother’s mother, mother’s father, son’s son, son’s son’s wife, son’s daughter, son’s daughter’s husband, daughter’s husband, daughter’s son, daughter’s son’s wife, daughter’s daughter, daughter’s daughter’s husband, brother (including step brother), brother’s wife, sister (including step sister) and sister’s husband. These are the categories counted as relatives under the Companies Act and while the definitions may look repetitive,” they are precise. In all of these definitions, cousins are not included, which implies that Nikhil and younger brother, Hital Meswani, also Executive Director and both of them having been longstanding members of the RIL board of directors are not precluded from becoming Managing Director. Hital Meswani’s name in the board of directors list appears only after Mukesh Ambani and his wife, Nita Ambani. According to his bio data on the RIL website, Hital Meswani joined Reliance Industries Ltd. (RIL) in 1990 and is the son of Rasiklal Meswani, one of the Founder Directors of the company. He is on the Board of RIL as Whole-time Director, designated as the Executive Director, RIL, since August 4, 1995. His overall responsibility spans the petroleum refining and marketing business, petrochemicals Manufacturing and several corporate functions of the company including human resources management, information technology, research & technology and capital projects execution. He has been involved with almost all mega initiatives of the group through its growth journey. He was instrumental in execution of the world class petrochemicals complex at Hazira and the mammoth Reliance Jamnagar Refinery complex, the largest in the world at any single location. He had also led a company-wide business transformation initiative, which has resulted in the development of the constitution of RIL – the Reliance Management System. Nikhil Meswani joined Reliance in 1986, and since July 1, 1988, he has been a whole-time director, designated as Executive Director, on the Board of the company. He is primarily responsible for the petrochemicals division, and has made major contributions towards Reliance becoming a global leader in petrochemicals. Between 1997 and 2005, he handled the refinery business of the company. In addition, he continues to shoulder several other corporate responsibilities, such as Corporate Affairs and Group Taxation. He is also involved in the affairs of Reliance-owned Indian Premier League cricket franchise Mumbai Indians and other sports initiatives of the company. Manoj Modi is Mukesh Ambani’s closest aide and friend over many years. He has been involved in key projects and is known to take over from Mukesh Ambani in meetings after Ambani has left. He has helped lead several new projects, from refining to retail to telecom, but carries no designated senior executive or board position and maintains a low profile. He is not on the board of RIL but has been on the board of Reliance Jio Infocomm. As per a resolution for re-appointment as director, Manoj Modi, a Chemical Engineer from Institute of Chemical Technology, Mumbai, has played an invaluable role in the growth and evolution of the Reliance Group. He has been associated with the Group for over three decades and has led several of the initiatives of the Group in this period of time. He has driven the overall corporate strategy for the Group and has been instrumental in formulation of strategy and policies, project planning & implementation and commercial, financial and regulatory matters. Modi was part of the core team, along with Mukesh D. Ambani, which conceived and executed Reliance’s petrochemical project at Hazira and refinery project at Jamnagar. Modi also drove the Group’s first entry into the telecommunications business in 2002. He conceptualized and developed the strategy for setting up Reliance Infocomm (now Reliance Communications Limited), which was a transformational event for the telecom industry in India. He is leading Reliance’s implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure. Reliance Retail is the largest retail player in the country. Modi has been instrumental in the Group’s re-entry into the telecommunications business through Reliance Jio Infocomm Limited. He is leading the project which involves setting up one of the most complex 4G broadband wireless services in the world, offering end to end solutions that address the entire value chain across various digital services in key domains of
India’s petroleum products demand falls marginally in December 2019
India’s petroleum product demand in December fell by a marginal 0.12 per cent to 18,787 Thousand Tonne (TMT) as compared to the demand in the same month last year, fresh data published by Petroleum Planning and Analysis Cell (PPAC), the oil ministry’s statistical arm, showed. The demand in December fell after recovering in the previous month. Overall, in the first nine months of the current financial year, the demand rose 1.84 per cent to 160,603 thousand tonne. Overall slowdown in the economic activity coupled with an erratic rainfall have dented the petroleum products’ demand which is expected to remain below 3 per cent in the current financial year, according to rating agency ICRA. Within petroleum products, the demand for diesel fell 0.70 per cent in December to 7,337 TMT as compared to 7,389 TMT recorded in the same month a year ago. Overall, in the first nine months of the current fiscal, diesel demand rose 0.76 per cent to 62,737 TMT. Demand for petrol increased 3.21 per cent to 2,472 TMT in December and 8.42 per cent to 22,850 TMT in the April-December 2019 period. Demand for bitumen, an indicator of road construction activity, declined 8.40 per cent 567 TMT in December but remained flat in the first nine months of the current financial year. Demand for Liquefied Petroleum Gas (LPG) and Aviation Turbine Fuel (ATF) increased 9 per cent and 2 per cent, respectively, during the month. The heads of both Indian Oil Corporation and Hindustan Petroleum had recently said petroleum consumption growth in 2019-20 may be lower as compared to previous years as demand took a hit during the first half of the fiscal.
India’s oil imports from Iraq, Nigeria and UAE increase in Nov 2019
India’s oil imports from Iraq, Nigeria, and United Arab Emirates (UAE) increased in November 2019 as compared to the corresponding month a year ago as the country tries to replace Iranian and Venezuelan crude. With Iranian crude out bounds for India since the middle of last year, the country’s oil imports from Iraq, Nigeria, and the United States (USA) have increased sizeably during the first eight months (April-November) of financial year 2019-20 (FY20) as compared to the corresponding period a year ago. India had imported 19 million tonne (mt) of Iranian crude in the April-November period of FY19. India’s oil imports from Iraq increased 25 per cent to 4.72 mt in November last year, as compared to the year-ago period. Overall, India’s oil imports from Iraq increased 10.25 per cent to 33.44 mt in the first eight months of FY20. Iraq had replaced Saudi Arabia to become the largest oil supplier to India in FY18. India’s oil imports from Saudi Arabia in the month of November 2019 declined marginally to 4.27 mt, as compared to the year-ago period. Overall, oil imports from Saudi Arabia increased marginally to 27.97 mt in the first eight months of FY20, as compared the corresponding period a year ago. Oil imports from Nigeria increased 59 per cent to 2.08 mt in November 2019, as compared to the year-ago period. Overall, oil imports from Nigeria in the first eight months of FY20 increased to 12.25 mt, as compared to the corresponding period a year ago. The country replaced Iran to become the third-largest crude oil supplier to India in FY20. Oil imports from Venezuela declined to 0.98 mt in 2019, as compared to 1.83 mt imported in the year-ago period. India’s overall oil imports during the first eight months of the FY20 declined marginally by one mt to 150 mt.
Indian Oil to spend Rs 22,000 crore for expansion of Gujarat refinery
Indian Oil Corporation (IOC), the country’s largest fuel retailer and the largest refiner in the country, plans to expand its Gujarat refinery to 18 million tonne per annum (mmtpa) from 13.7 mmtpa currently at the cost of Rs 22,210 crore, the company said in an application to the environment ministry. “IOCL is now considering expansion of the refinery, with an objective to increase the processing capacity from current 13.7 mmtpa to 18.0 mmtpa. The expansion project also aims at substitution of existing smaller capacity atmospheric unit and vacuum units with a large atmospheric vacuum unit (AVU) to enhance the efficiency of operation,” the company said as part of its application. According to the company, Engineers India Limited (EIL) had in 2013 prepared a configuration study and prepared a feasibility report for capacity expansion of Gujarat refinery to 18 mmtpa. However, in light of the Auto Fuel Policy 2025, the company updated the study carried out in 2013 with additional facilities required for meeting 100 per cent BS-VI auto fuel production. The expansion will include revamp of existing hydrogen generation unit for production of syngas and hydrogen, a new n-butanol processing unit and a revamp of liner alkyl benzamine (LAB) unit. The expanded 18-mmtpa refinery located in Koyali, Vadodara, is expected to process crude grades from Kuwait, Basrah light (Iraq), Mangla in Rajasthan and oil produced from north and south of Gujarat, while the feasibility study of the expansion project has been carried out for processing of additional 4.3 mmtpa Basrah light crude. The refinery plans to spend close to Rs 2 lakh crore in the next five to seven years across its operations and has targeted to expand its refining capacity to 150 mmtpa per annum by 2030 from 69.2 mmtpa currently as well as increase its petrochemical production capacity to 13 mmtpa, according to the company’s annual report. IOC accounts for 32 per cent of the country’s 250 mmtpa refining capacity.
Rising prices show tighter supplies of cleaner fuel for global shipping
The price of very low-sulfur fuel oil has risen in recent months, a sign of increasing worry there is not enough of the fuel to comply with new global shipping laws that took effect this year, market participants said. Very low-sulfur fuel oil (VLSFO) lately has started to trade at levels comparable to marine gasoil, a type of diesel fuel used by tankers. That is an indication that refineries may need to increase production of VLSFO as tankers shift from dirtier, high-sulfur fuel to a cleaner product to comply with International Maritime Organization regulations designed to reduce smog. Under those rules, shippers either need to use fuels with a sulfur content not exceeding 0.5 per cent, or install scrubbers that can clean higher-sulfur fuels to reduce emissions. The rules, known as IMO 2020, affect more than 50,000 merchant ships worldwide. Supply has tightened in trading markets in Asia and Europe and now in the United States. On Wednesday VLSFO in Houston traded at $642 per tonne, compared with $667 per tonne for marine gasoil, S&P Global Platts data showed. That $25 spread was at $152 half a year ago. That suggests not enough VLSFO is being produced and raises concerns about supply this coming spring when refiners go into maintenance season, said Rick Joswick, head of oil pricing and trade flow analytics at S&P Global Platts in New York. The spread in Singapore has narrowed to $15, while in Rotterdam it has narrowed to $3, S&P Global Platts data showed. Meanwhile, VLSFO stocks are also falling, Joswick said. “You can’t cover demand out of inventory forever,” he said. “Production has to pick up and trade flows have to shift.” “It means marine gasoil needs to be called upon to cover some of that demand,” Joswick added. The spread between VLSFO and high-sulfur fuel used by shippers that installed scrubbers was $330 per tonne in Singapore and $272 per tonne in Houston, S&P Global Platts data showed. That spread was greater than shipowners expected, benefiting tanker operators that installed scrubbers, shipping sources said. VLSFO demand could prompt refiners to increase supplies later this year, said Andy Lipow, president of Lipow Oil Associates in Houston. “This is a nice, high price for VLSFO. We’ll reach some new equilibrium,” he said.
Asia most dependent on Middle East crude oil, LNG supplies
Asia, the epicentre of growth for oil and gas demand globally, is the region most vulnerable to any disruption in supply from the Gulf in the event of further escalation in the war of words between Iran and the United States in Iraq. Most of Iraq’s crude oil exports from its southern Basra ports head to Asia, according to Refinitiv data. And an estimated 76 per cent of the 17.3 million barrels per day (bpd) of crude and condensate that flowed through the Strait of Hormuz in 2018 went to Asia, according to the U.S. Energy Information Administration (EIA). Asian refiners prefer to process Middle East crude grades as they are generally cheaper than oil from other regions due to relatively higher sulphur levels. Middle East oils also tend to be heavier grades, allowing refiners to further process residue fuel into higher-value products to boost revenue. The United States used to be a major importer of oil from the Middle East but its share has steadily declined in recent years on the back of its own shale oil boom. In 2018, U.S. oil imports passing through the Strait of Hormuz stood at 1.4 million bpd of oil and condensate, accounting for about 18 per cent of total U.S. crude and condensate imports and 7 per cent of total U.S. petroleum liquids consumption, according to the U.S. government. Here’s a breakdown of Middle East crude oil and liquefied natural gas (LNG) imports for each major Asian importing country. CHINA China, the world’s largest crude oil importer, buys about 40 per cent of its crude from the Middle East. While China’s imports are diversified, it is the largest Middle East oil buyer globally, at just over 4 million bpd. INDIA The second-biggest Asian oil importer gets nearly 60 per cent of its crude supplies from the Middle East. It is also the largest buyer of crude from Iraq, at just over 1 million bpd in 2019. JAPAN Japan has one of the highest proportion of Middle East oil in its imports at 88.5 per cent for the first 11 months of 2019. “Our policy is to keep a big stockpile so, even if the Middle East has a big disruption, as long as we have these reserves we will be OK,” a senior official from Japan’s trade ministry told Reuters. “We have enough supplies to last 200 days.” REST OF ASIA Despite efforts to diversify purchases beyond the Middle East, South Korea, Singapore and Taiwan still need to import 70-75 per cent of their crude from the Gulf. In southeast Asia, nearly half of Indonesia’s oil imports come from the Middle East, while almost all of Vietnam’s crude imports to feed the country’s second refinery are from Kuwait. Middle East crude accounted for 73 per cent of Philippines’ imports in the first half of 2019, government data showed. LNG Top three destinations for LNG from Qatar – the world’s top exporter – are South Korea, India and Japan, but those most reliant on Qatari LNG are Bangladesh, Pakistan and India.
Govt reviews IEA report on India’s energy policies
An in-depth review of a report on India’s energy policies by the International Energy Agency (IEA) was launched in New Delhi on Friday. Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Steel, Pralhad Joshi, Minister of Coal, Mines and Parliamentary Affairs, Raj Kumar Singh, Minister of State (I/C) for Power and New and Renewable Energy, Rajiv Kumar, Fatih Birol, Executive Director, International Energy Agency, and Amitabh Kant, CEO, Niti Aayog were present on the occasion. Thanking Birol and his IEA team for coming up with a comprehensive report covering India’s energy sector in its entirety, Pradhan said that IEA’s findings are a vindication of the significant advances made in realising the energy vision enunciated by Prime Minister Narendra Modi. Pradhan said that India is now the third largest energy consumer in the world. India is in the midst of a major transformative shift in its energy sector. The energy polices already put in place by the government and also those on the anvil, clearly demonstrate its determination to embrace this energy transition in a sustainable and responsible manner. The minister said that a number of pathbreaking initiatives launched by the government since 2015 have redefined India’s commitment to sustainable energy. “Our key challenge as a developing country, with per capita energy consumption below the global average, is to meet the growing demand for energy. India made great strides in recent years towards achieving universal access to modern energy, including clean cooking and electricity, affordable, secure and cleaner energy for its people. The report captures well the progress made in achieving sustainable energy for all, as reflected in the UN Sustainable Development Goal 7 (SDG 7). It does also highlight the persisting challenges to be focused in the coming days,” he added. Talking about the Ujjwala Yojana, Pradhan said that the remotest corners of India have been touched for cleaner fuel access under it. “We are also sharing our experience with our friends in Africa and Asia to enable them to benefit from the best practices in promotion of LPG. I do recognise that we have more ground to cover and also to ensure that the initiatives are implemented for achieving universal coverage in the country.” Pradhan said that India’s transformation to a gas-based economy and developing indigenously produced biofuels, apart from renewable energy and energy efficiency measures, can potentially achieve the much-needed carbon reductions. As part of the energy transition, decarbonisation of the energy sector is picking up momentum in India. “Given India’s development imperative, our thrust is on building oil and gas infrastructure to ensure access to affordable energy to all our citizens. The report notes that India is moving towards a gas-based economy,” he said. Pradhan said that an estimated investment of 100 billion US dollars in oil and gas infrastructure has been lined up. The gas pipeline network will soon be covering the length and breadth of the country – from Kutch in western India to Kohima in the east, and from Kashmir in the north to Kanyakumari in the south. “In yet another important decision, our government has approved viability Gap Funding/Capital Grant at 60 per cent of the estimated cost of Rs 9,265 crore for the North East gas grid project to develop gas pipeline grid of 1,656 km in the eight states of the northeastern region,” he said. “We are aggressively working to build City Gas Distribution Network covering more than 400 districts of India. This network will serve 72 per cent of India’s population with cleaner and affordable gas over more than 50 per cent of India’s geography.” He said the proposed Workshop on Natural Gas on January 23 in New Delhi will bring together for the first time all relevant stakeholders under one roof. “I am confident that these initiatives in the gas sector would bring about a transformative change in India’s energy landscape,” Pradhan said. The minister said that the report acknowledges the government’s efforts in making energy security as a prime policy priority, and recognises the efficiency achieved due to relentless march in undertaking tectonic reforms in the energy sector and continued pursuit of market-based solutions. He said “We have taken note of IEA’s recommendation for reinforcement of India’s oil emergency response policy. Enhancing international engagement on global oil security issues is already an active goal being pursued by my ministry. Energy has become an essential commodity in our bilateral trade engagements with several key trading partners and in positioning India as an important strategic player in the global energy landscape.” On the diversification of oil sources and development of alternate resources of energy as biofuels, he said that these are being undertaken on an accelerated mode. “We are on the way to achieve 20 per cent ethanol blending in petrol and 5 per cent bio-diesel in diesel by 2030. Indeed, to promote energy sustainability, our new National Biofuel Policy focuses on waste-to-wealth creation and targets to generate various types of biofuels from agricultural residue and municipal waste,” Pradhan said. Expressing deep concern about the crude oil price volatility, the minister said that “today, we are meeting in the backdrop of rising tensions in the Middle East and its impact on stability and security in the region.” He said “We have taken several measures to ensure investor-friendly environment. IEA has noted that during the period 2015 to 2018, investments in the energy sector in India recorded the second highest growth in the world. We are happy that global oil and gas majors like Saudi Aramco, ADNOC, BP, Shell, Total, Rosneft and ExxonMobil are making their significant presence in India.”
India’s oil demand growth to overtake China by mid-2020s: Energy Agency
India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said on Friday. India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said. China’s demand growth is likely to be slightly lower than that of India by the mid-2020s, as per IEA’s China estimates given in November, but the gap would slowly become bigger thereafter. “Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices,” the IEA said in a report on India’s energy policies. Brent crude prices topped $70 a barrel on rising geopolitical tensions in the Middle East, putting pressure on emerging markets such as India. Like the rest of Asia, India is highly dependent on Middle East oil supplies with Iraq being its largest crude supplier. India, which ranks No. 3 in terms of global oil consumption after China and the United States, ships in over 80% of its oil needs, of which 65% is from the Middle East through the Strait of Hormuz, the IEA said. The IEA, which coordinates release of strategic petroleum reserves (SPR) among developed countries in times of emergency, said it is important for India to expand its reserves. REFINERY INVESTMENTS India is the world’s fourth largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel. India has drawn plans to lift its refining capacity to about 8 million bpd by 2025 from the current about 5 million bpd. The IEA, however, forecasts India’s refining capacity to rise to 5.7 million bpd by 2024. This would make “India a very attractive market for refinery investment,” IEA said. Drawn to India’s higher fuel demand potential, global oil majors like Saudi Aramco, BP, Abu Dhabi National Oil Co and Total are looking at investing in India’s oil sector. Saudi Aramco and ADNOC aim to own a 50% stake in a planned 1.2-million bpd refinery in western Maharashtra state, for which land is yet to be acquired.