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State-run Bharat Petroleum Corporation (BPCL) is planning to establish a new 12 million metric tonnes per annum (MMTPA) refinery to meet India's growing fuel demand, according to industry officials. The project, with an estimated investment of around Rs 50,000 crore, is currently in the preliminary stages of location evaluation across three states: Andhra Pradesh, Uttar Pradesh, and Gujarat. BPCL is considering a new refinery on either the east coast or the west coast to address the rising fuel demand, an official stated. Talks are still at a preliminary stage, with Uttar Pradesh also being a potential location. BPCL, which operates three refineries in Mumbai, Kochi, and Bina with a combined annual refining capacity of approximately 36 MMTPA, aims to increase its refining capacity to 45 MMTPA by FY29. BPCL's ambitious expansion plan includes an investment of Rs 1.7 lakh crore over the next five years in core oil refining, fuel marketing, petrochemical, and clean energy sectors. This includes Rs 750 billion earmarked for refineries and petrochemical projects, Rs 80 billion for pipeline projects, and over Rs 200 billion for its marketing business. The push for a new refinery follows the stalled project for a 60-MMTPA integrated refinery and petrochemicals complex in Ratnagiri, Maharashtra. The plan, proposed in 2015 and involving a joint venture between Indian Oil Corporation, BPCL, Hindustan Petroleum Corporation, and Saudi Aramco, faced environmental concerns and local opposition, preventing its execution. India's fuel demand reached a record high of approximately 233.276 million tonnes in FY24, driven by increased automotive fuel and naphtha sales. The nation plans to increase its refining capacity by nearly 80% from the current 252 MMTPA to about 450 MMTPA by 2030 to cater to this rising demand. Globally, refinery closures have raised concerns about a potential crisis in finished products, positioning India as a potential refining hub. With refineries closing worldwide, India has an opportunity to expand its refining capacity and meet robust future fuel demand, an industry official noted. A report by Goldman Sachs highlighted that many international refineries shut down between 2020 and 2022 due to the COVID-19 pandemic, economic challenges, regulatory changes, and geopolitical tensions. The report also pointed out that 4% of global refining capacity is at high risk of closure, particularly in Europe. As India aims to become a global refining hub, the establishment of smaller petroleum refineries poses fewer regulatory hurdles and could expedite the process to meet both domestic and international fuel demands.