The oil refining industry represents the nodal value chain position amidst a modern world energy infrastructure since its heavy crude oil translates into products such as gasoline, diesel, jet fuel, and other petrochemicals to fuel transport systems, industry, and households. The sector faces conventional challenges due to environmental grounds, regulatory compulsions, and alternative energy solutions. In times when the world is moving to sustainable options to have renewable energy sources, companies from the refining sector are looking towards short-term technologies that would potentially reduce emissions and increase efficiency while several other threats related to decarbonization and shifts to electric vehicles are always hanging over their heads.
The article talks about an overview of largest oil refining companies’ capacities and histories, such as ExxonMobil, Reliance Industries, and China National Petroleum Corporation, thereby placing them in a context relevant to both conventional and future energy scenarios.
The Largest Oil Refining Companies
Based on the data from the references at the end of this article (Oct. 2024). The global oil refining market is dominated by several major players, including:
- Reliance Industries Limited
- BP PLC
- China National Petroleum Corporation
- ExxonMobil Corporation
- Bharat Petroleum Corporation Limited
- Petróleos De Venezuela
- Indian Oil Corporation Limited
- Chevron Corporation
- Royal Dutch Shell Plc
These companies lead investments in new refining capacities, modernizations, and sustainable technologies to maintain market competitiveness.
1. Reliance Industries Limited (RIL)
Reliance Industries, started by Dhirubhai Ambani in 1966, is today India’s largest private sector company. Its businesses range from petrochemicals, refining, and exploration in the field of petroleum. All refining and petrochemical business activity falls under the Jamnagar Refinery Complex in Gujarat.
Reliance has the “world’s largest refining complex” at Jamnagar, with a total capacity of “1.24 million barrels per day (b/d)”. The facility consists of two refineries:
A domestic market-orinted refinery and as export-oriented refinery. This complex is a key driver of the company’s success in global refining markets.
It has invested massively in modernization and expansion, with a recently growing focus on sustainable energy solutions and value chains such as carbon capture and green hydrogen production.
2. BP PLC
Formed in 1909 as the Anglo-Persian Oil Company, the BP group has grown into one of the “supermajors” of the oil and gas industry. It explores for and produces oil and natural gas and refines, transports, and markets petroleum products in many parts of the world. Increasingly, it is focusing on producing energy from cleaner sources.
BP has more than “1.9 million b/d” global refining capacity. Major refineries in the U.S., Europe, and Australia, such as the “Whiting Refinery” in Indiana, round out at “430,000 b/d”, one of the biggest in the U.S.
It has been heavily scaling down its refining operations in order to fall in step with its transition into renewable energy. It also intends to cut hydrocarbon production by 40% by 2030 as part of its net-zero emissions roadmap.
3. China National Petroleum Corporation (CNPC)
CNPC is the largest oil and gas corporation in China, established in 1988. It is involved in every respect in the oil and gas industry: refining, exploration, production, transportation, etc.
CNPC’s total refining capacity in China is more than “4 million b/d” because of its huge network of refineries, making it one of the biggest in the world. Among the largest is the Dushanzi Refinery, with a capacity of “200,000 b/d”.
CNPC has been increasing its refining capacity to meet China’s growing demand for energy. The major focus has been on increasing production from domestic refineries, but also on becoming more involved with renewable energy resources.
4. ExxonMobil Corporation
ExxonMobil was formed in 1999 by the merger of Exxon and Mobil. It is one of the world’s largest publicly traded energy companies. ExxonMobil participates in all aspects of the energy industry, such as upstream oil and gas; downstream refining, chemicals, and fuels; manufacturing; transportation; and service stations.
The group has a refining capacity of about “5 million b/d” globally, among the largest refiners. Its largest refinery, “Baytown Refinery” in Texas, continues to have a capacity of “561,000 b/d” and stands for one of the largest refineries in the United States.
ExxonMobil recently laid greater emphasis on operational efficiency improvement in its refineries and also made investments in biofuels and other cleaner sources of energy.
5. Bharat Petroleum Corporation Limited (BPCL)
Incorporated in the year 1952 as a public sector undertaking, BPCL is among the leading oil refining companies in India. The company was nationalized in the year 1976 and today operates across refining, marketing, and exploration.
BPCL has four refineries in India with a total refining capacity of about “707,000 b/d”. Its largest refinery, the **Mumbai Refinery**, has a capacity of “240,000 b/d”.
It has been expanding refining capacities and upgrading facilities to higher environmental standards. It is also increasingly investing in renewable energy and biofuels.
6. Petróleos De Venezuela (PDVSA)
Founded in 1976 following the nationalization of Venezuela’s oil industry, PDVSA has historically been one of the largest oil companies in Latin America. However, due to economic and political instability in Venezuela, the company has struggled in recent years.
PDVSA had once possessed a refining capacity of “1.3 million b/d” which dropped drastically over these years due to underinvestment and mismanagement. It contains giant-size refineries, including the “Amuay Refinery” itself, having a capacity of “645,000 b/d”.
PDVSA’s refining infrastructure is in dire need of investment and repair. Sanctions imposed on it by a number of countries have, besides its problems, reduced its capacity to produce and refine drastically.
7. Indian Oil Corporation Limited (IOC)
IOC was founded in 1959 and is the largest oil refining company in India. It is a state-owned company in which refining, pipeline transportation, and marketing are important aspects of the company’s operations.
It currently operates 11 refineries across India, with a total refining capacity of “1.6 million b/d”, thus making IOC the biggest refiner in the country. The “Panipat Refinery” is its largest facility, with a capacity of “360,000 b/d”.
IOC has been striving to increase its refining capacity and gain efficiency in refining. The company is also investing massively in clean energy solutions such as hydrogen and biofuels.
8. Chevron Corporation
Chevron, established in 1879 as the Pacific Coast Oil Company, is one of the world’s largest integrated energy companies. It has operations in upstream and downstream segments, including oil refining.
Their global refining capacity is around “1.7 million b/d”, with significant refining operations in the United States. Its “Pascagoula Refinery” in Mississippi, with a capacity of “330,000 b/d”, is one of its largest facilities.
Chevron has been investing in renewable energy technologies, including biofuels and hydrogen while continuing to optimize its existing refining operations.
9. Royal Dutch Shell PLC
Founded in 1907, Royal Dutch Shell is one of the world’s largest oil refining companies and energy, with operations across upstream, midstream, and downstream activities, including refining.
Shell’s refining capacity is around “2 million b/d” globally. It operates large refineries such as the “Pernis Refinery” in the Netherlands, with a capacity of “404,000 b/d”, and the “Deer Park Refinery” in Texas, which is partially owned in partnership with Pemex.
Shell has been cutting its refining footprint as part of a strategic shift towards renewable energy. It has closed or sold several refineries and is focusing on reducing carbon emissions.
Table: Largest Oil Refining Companies (2024)
Name | Headquarters | Capacity (b/d) | Investment Focusing Area |
Reliance Industries Limited (RIL) | Mumbai, India | 1.24 million | Sustainable Energy Solutions |
BP PLC | London, England | 1.9 million | Net-zero Emissions |
China National Petroleum Corporation (CNPC) | Beijing, China | 4 million | Renewable Energy Resources |
ExxonMobil Corporation | Texas, United States | 5 million | Biofuels & Other Cleaner Sources |
Bharat Petroleum Corporation Limited (BPCL) | Mumbai, India | 707,000 | Renewable Energy & Biofuels |
Petroleos de Venezuela (PDVSA) | Caracas, Venezuela | 1.3 million | – |
Indian Oil Corporation Limited (IOC) | New Delhi, India | 1.6 million | Hydrogen & Biofuels |
Chevron Corporation | California, United States | 1.7 million | Optimize Existing Refining Operations |
Royal Dutch Shell PLC | London, United Kingdom | 2 million | Reducing Carbon Emissions |
Conclusion
These companies are among the largest oil refiners globally, driven by diverse factors such as refining capacity, geographic footprint, and investment in future technologies. However, these largest oil refining companies face significant challenges such as decarbonization, rising competition from renewable energy, and evolving regulatory frameworks. To have more information please visit our INVEXOIL website or study our professional Blogs.
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A seasoned economist with a decade of experience in the free market, specializing in macroeconomics, statistical analysis, and business analytics. I am passionate about translating complex economic concepts into actionable strategies that drive success. My track record includes managing sales, developing business strategies, and executing international projects. Proficient in Python and R programming for data-driven decision-making. Committed to leveraging my expertise to enhance economic insights and drive organizational growth.
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