India needs to increase its refining capacity
to 600 million metric tonnes (MMT) by 2040 to meet the rising demand for fuel,
Union Petroleum Minister Dharmendra
Pradhan said on Saturday while addressing the 22nd
edition of Refining and Petrochemicals Technology Meet (RPTM) in Bhubaneswar.
"India's refining capacity must increase to about 600 million tonnes by
2040, from about 247 million tonnes currently. We have to add 20 million tonnes
in every two-three years to achieve the target," Pradhan said.
"Experts opine that petroleum demand by 2040 will exceed about 600 million
metric tonne (MMT). It implies that despite electric vehicles made globally,
India needs approximately 250-300 MMT additional refining capacity," the
He informed that about $300 billion would be invested in next 10 years in
energy and hydrocarbon sectors.
"India will remain one of the fastest growing energy and petrochemicals
market in the world. Hence next generation renewable sources of energy as well
as conventional hydrocarbons will play an important role in our energy security
objectives," said the Petroleum Minister.
He said the focus of the union government is moving towards efficient energy
production and consumption.
India has decided to meet international best practices by leapfrogging to BS-VI
norms by April 2020 in the entire country and by April 2018 in NCT Delhi.
"Our refinery technology has been acknowledged worldwide and is considered
as benchmark in the world in most of the performance parameters. Today in the
world, Indian refining industry is not confined to transportation fuel and
domestic cooking fuel. It is also catering to the petro-chemical needs,"
He added, Petro-chemical creates scope for lots of ancillary industries.
"Hence, refining industry plays a major role in Indian economy, energy security, more
employment generation, more industries etc."
The Minister informed that the government has planned to set up West Coast
Refinery cum Petrochemical Complex of 60 MMTPA with an estimated investment of
Rs 270,000 crore.
Foundation stone for another grass root Refinery cum Petrochemical Complex in
Barmer, Rajasthan with an investment of Rs 43,000 crore will be laid by Prime
Minister Narendra Modi on
16 January 2018.
The 22nd Refining & Petrochemicals Technology Meet is being organised by
the Centre for High Technolgy (CHT) under the aegis of Ministry of Petroleum & Natural Gas (MoP&NG) in
association with the oil and gas companies in India.