India the world’s refiner:

Estimated to be a US$ 100 billion industry, the Indian oil and gas industry is among the largest contributors to the central and state exchequers in India. Its share approximates US$ 14 billion. Most of the country's 19 refineries, barring two, with a capacity to process 150 million tonnes per year a are run by state-run companies.

India ranks sixth in the world in terms of petroleum demand and by 2010, India is projected to replace South Korea and emerge as the fourth-largest consumer of energy, after the United States, China and Japan.
India is dependent on imports for nearly 70 per cent of its petroleum requirements.India is  trying to get a stake in oil and gas fields in Egypt, Myanmar Central Asia and Africa. It ia also searching for hydrocarbons in onshore and offshore blocks in India. Recent finds have surprised  oil majors on  the potential in prospective basins. India is one of the cost effective refining location which is  drawing global players here. Besides international companies are looking for a share in the fast-growing refinery sector, domestic oil companies are being invited by countries such as Yemen, Nigeria and Saudi Arabia to pick up stake in existing refineries and also set up greenfield units.

The Government is working on increasing the country's investment potential to US$ 250 billion. And with the current investment wave, it appears that day would not take long in arriving.