Numaligarh Refinery eyes Myanmar fuel retail after 9 MMTPA expansion
Numaligarh Refinery plans to prioritise Northeast and eastern India demand after tripling capacity to 9 MMTPA by end-2027, then assess fuel retail expansion into Myanmar’s underserved Sagaing border region. It is also scaling product evacuation through Siliguri.
What happened
Numaligarh Refinery Limited · Numaligarh Refinery plans to prioritise Northeast and eastern India fuel demand after expanding to 9 MMTPA, then evaluate fuel
Key facts
- Refinery capacity expansion from 3 MMTPA to 9 MMTPA
- Expansion expected to complete by December 31, 2027
- FY2025-26 net worth: Rs 18,912 crore, up 17.69%
- FY2025-26 revenue from operations: Rs 26,393 crore versus Rs 25,147 crore
- EPS: Rs 17.52 versus Rs 9.82
- Crude processed: 3,113 TMT, 103% of rated capacity
- NREP physical progress: 87.1% as of March 31, 2026
- Siliguri Marketing Terminal progress: 86.3%
- Product pipeline capacity upgraded from 1.72 MMTPA to 5.5 MMTPA
- Pipeline length: over 1,590 km laid out of 1,635 km
- Potential Myanmar border-market population: around 40 lakh
Why this matters
Myanmar retail entry could become a strategic adjacency after 2027, with Siliguri evacuation capacity and proximity to Sagaing providing potential advantages for a staged cross-border partnership or distribution model.
What to watch
- Completion timing and ramp-up performance of the 9 MMTPA expansion, targeted for end-2027.
- Siliguri evacuation infrastructure commissioning, throughput and congestion indicators.
- Northeast and eastern India retail fuel-demand growth relative to incremental refinery output.
- Indian government policy on petroleum-product exports and cross-border energy trade with Myanmar.
- Myanmar border security conditions, Sagaing conflict intensity and functioning of official trade routes.
- Availability of local storage, licensed distributors, banking channels and reliable fuel-payment settlement in Myanmar.
- Evidence of rival fuel suppliers reducing availability or raising delivered prices in northern Myanmar.
- Accelerate Siliguri-linked pipeline, rail and terminal evacuation capacity to prevent post-expansion product bottlenecks.
- Lock in Northeast and eastern India offtake through dealer additions, industrial contracts and public-sector fuel-marketing partnerships.
- Map border logistics corridors, storage requirements, customs processes and security conditions for Sagaing-linked fuel distribution.
- Test Myanmar demand through bulk cargoes, border distributors or government-to-government supply arrangements before committing capital to owned retail sites.
- Build compliance, currency-repatriation and political-risk safeguards for any Myanmar commercial structure.