India, July 5 -- India will continue building new oil refineries to secure its supply chains even as Western nations shut down processing capacity, Prime Minister Narendra Modi said, crediting the sector's expansion for helping the country avoid the fuel shortages and price spikes that hit other nations during the West Asia conflict.

"In the United States, not a single new refinery has been built in the past 50 years. Europe's refinery capacity has steadily declined. Meanwhile, India has become the fourth-largest refining nation in the world. And we will not stop here - in the coming years, this capacity will increase further. These efforts enabled India to fight and overcome the greatest energy crisis of the century," Modi said on Satur...