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India will double the petroleum refining capacity in the next 5 years but increase natural gas usage by four times says Prime Minister Modi

India will double its oil refining capacity in the next five years and will multiply the usage of natural gas by four-fold, Prime Minister Narendra Modi said  while addressing the 8th convocation of Pandit Deendayal Petroleum University (PDPU) in Ahmedabad.

In just the oil and gas sector, crores of investment will happen

Telling students that India was passing through a transitional phase, PM Modi told the students graduating during the Covid pandemic that they were entering the energy sector at the opportune time. “Today there are unlimited opportunities in the energy sector in India. You all have reached this sector at the right time. In this decade, in just the oil and gas sector, crores of investment will happen. So for you, there are ample opportunities from research to manufacturing,” said the prime minister during his virtual address of the convocation where Mukesh Ambani, president of Board of Governors of PDPU and Gujarat chief minister Vijay Rupani had also participated.

Stating that India targets to cut down on its carbon footprint by 30-35 percent, Modi told the students of this Gandhinagar-based university, “Keeping in mind our energy needs, it is our endeavor to increase the proportion of natural gas by four times in this decade alone. In the next five years, efforts are already being made to double the country’s oil refining capacity.

Cost of solar power has fallen below Rs 2 per unit

He also told the students how the Gujarat government under him had gambled with solar power and had purchased power at Rs 12-13 per unit when thermal power was available at Rs 2.50 to Rs 3 per unit. “But we finally decided to go ahead with solar energy and with honesty we decided to start solar plants in Gujarat,” Modi said adding how solar energy has now become a movement in the country and the cost of solar power has fallen below Rs 2 per unit.

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