Business News Live: India may need additional 2 mln bpd refining capacity by 2030, IOC chairman says

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India may need additional 2 mln bpd refining capacity by 2030, IOC chairman says

India needs to add 2 million barrels per day (bpd) of refining capacity by 2030 to help its economic expansion, even as it takes steps to move to cleaner fuels, Reuters reported citing  the chairman of Indian Oil Corp (IOC).

India, the world’s third-biggest oil importer and consumer, currently has 5 million barrels per day of refining capacity. IOC controls about a third of that.

"We are an emerging economy and very aspirational economy and the development is linked to the energy consumption … so obviously we can not be wishing away fossil fuels so early. They have a role to play," IOC’s S.M. Vaidya said at the Platts APPEC 2021 conference.

Sensex, Nifty open higher

Indian benchmark equity indices, Sensex and Nifty opened higher, near record highs, helped by gains in auto and bank stocks.

The Sensex opened 255.6 points higher at 60,304.1 and Nifty opened 79 points higher at 17,932.2.

Auto stocks were up 0.8%, led by a more than 1% rise in Tata Motors, the top Nifty gainer, while public sector banks advanced 0.7%.

Oil surges amid supply constraints

oil prices soared for a fifth consecutive day amid supply constraints as demand picks in parts of the world with pandemic conditions easing, Reuters reported.

Brent crude rose 1.5% to $79.23 a barrel while U.S. oil added 1.11% to $75.09.

"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.

Asia shares swing higher

Asian shares rose as risk sentiment turned for the better, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.5% and Japan’s Nikkei gained 0.4% on hopes for further fiscal stimulus once a new prime minister is chosen. Nasdaq futures rose 0.4%, and S&P 500 futures 0.5%.

Chinese blue chips gained 1.1% as the country’s central bank pumped more money into the financial system and investors dared to hope Beijing would limit the fallout from the troubled China Evergrande Group.

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