This report does not constitute a rating action. Overview Key strengths Key risks Dominant market position in the pan India oil refining sector with a wide pipeline network. Exposed to oil refining and petrochemical business cycles. Vertically integrated and established infrastructure with good complexity and operational track record. More limited diversity in petrochemical business than peers. Strong government support, given critical role in ensuring India?s energy needs. Large capital expenditure (capex) for refinery and petrochemical expansion. We expect the demand for refined petroleum products and petrochemicals to outpace India's GDP growth over the next three to four years. The country's strong domestic consumption patterns and the government's continued spending on infrastructure will feed into the demand for these sectors. S&P
