Indian Prime Minister Narendra Modi said on Saturday that his country will continue building new oil refineries to ensure supply chain security even as Western countries shut down processing units.

Modi added, 'No new oil refinery has been built in the United States in the last five decades, and production capacity in Europe is steadily declining,' according to Bloomberg News.

Modi's remarks came during the inauguration ceremony of India's first new refinery in a decade. He said India will continue to boost its production capacity.

An analysis by BloombergNEF said that the greenfield refinery, which produces 180,000 barrels per day, located in the heart of the Thar Desert in the Indian state of Rajasthan, is likely to be the only new refinery globally to be commissioned this year.

Its annual petrochemical production capacity is 2.4 million tons, and its cost was $8.3 billion.