As per Arvind Kumar, Director (Refineries) at Indian Oil, it was an honour for him to deliver the inaugural address at the Lube & Wax Conclave 2025, hosted by CPCL in Chennai as part of its Diamond Jubilee celebrations.
CPCL’s Journey: From Humble Beginnings to a Strategic Role
Since its inception in 1969, CPCL has grown steadily to become a 10.5 MMTPA refinery, playing a pivotal role in the IndianOil Group’s ecosystem. From meeting the energy demands of southern India to driving innovation, CPCL has become a vital pillar in the nation’s refining landscape.
Lubes and Waxes: No Longer Peripheral
The conclave’s theme—“Beyond the Barrel — Pioneering Excellence in Lube & Wax”—captures a critical insight: lubricants and waxes are no longer peripheral by-products. Instead, they are strategic enablers of refinery resilience, margin enhancement, and import substitution.
India currently consumes about 4 MMTPA of finished lubricants, and this figure is projected to exceed 5 MMTPA by FY2033-34. However, the country remains structurally short in Group I, II, and III base oils, indicating a growing opportunity to build domestic capabilities.
As per Arvind Kumar’s recent LinkedIn post, this shortfall not only reflects a market gap but also points to a strategic imperative: to invest in downstream integration and value chains that create long-term resilience.
IndianOil’s Growth Strategy: Capacity, Value, and Self-Reliance
IndianOil is actively addressing these needs. The corporation is expanding its refining capacity from 80.75 to 98 MMTPA, tripling petrochemical production by 2030, and scaling up LOBS production from ~700 KTA to ~1700 KTA through key projects at Gujarat, Panipat, and CPCL.
Wax: Unlocking New Possibilities
Wax, traditionally associated with candles, is now seeing diversified applications—from coatings and adhesives to cosmetics, pharmaceuticals, and even 3D printing. This evolution is opening new opportunities for value creation, innovation, and import substitution.
A Sustainable, Digitally-Driven Future
As India navigates the energy transition, IndianOil remains focused on its commitments to Net Zero by 2046, deepening digitalisation, and ensuring safety as a core operational imperative.
The vision is to transform refineries into flexible, sustainable, innovation-led hubs that generate value far beyond traditional fuel outputs.
“Moving Beyond the Barrel”
In his closing remarks, Arvind Kumar stated:
“With lube and wax as value multipliers, Indian refineries can move beyond the barrel—building resilient earnings, strengthening national self-reliance, and delivering sustainable growth for the country and our stakeholders.”
The conclave served as a strong platform to reinforce the evolving role of lubes and waxes in India’s refining strategy—and to highlight CPCL’s continued contribution to a self-reliant and sustainable future.
