Middle East can beat India in race to become global hub
Given the infirmity in logistics and high import tariffs in the Indian oil refining industry, the Middle East will gradually outdo India in terms of developing potential refining hubs in Asia, says a study conducted by Shell Global Solutions International.
The study points out that the lower capex for refinery in India over other potential hubs compensates for weaknesses on logistics. it also says that India is cost competitive vis-a-vis other potential export refining centres. However, being cost competitive is not enough if markets are blocked by product import tariffs and only domestic refineries are cost competitive.
India has higher tax rates and lower tax holiday period than other potential export refining locations. Considering the project taxation, the Middle East becomes the favourite location while places like Taiwan and Singapore are equally cost competitive.
As per the study, the Middle East will surpass India in terms of building considerable export capacity. In the time to come, the Middle East will build their export capacity, as bevy of investments are underway in Qatar on the gas to liquid (GTL) plants that will give high paraffinic naphtha, kerosene and diesel.
More: financialexpress.com
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Source: abclocal.go.com
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