India will increase its refining capacity: Pradhan
The Dollar Business Bureau
India will be expanding its refining capacity from nearly 230 million metric tonnes (MMT) to 600 MMT. The Union Minister for Petroleum, Dharmendra Pradhan shared this ambitious target at a recently inaugurated industry congregation- ‘21st Refinery Technology Meet’. He shared that the rising demand of petroleum will be met by focusing on technological innovation and strategic R&D.
The increased number will not only facilitate in plugging the supply-demand in the domestic market, but also cater to requirements of neighbouring Nepal, Bhutan, Bangladesh, Myanmar and Sri-Lanka. Certain policy related issues had been hampering the growth of the sector, but he admitted that these would be countered in order to meet the ever-rising demand.
The minister added that the Modi government focused on achieving a 10% cut in imports of crude by 2022. Additionally, the current government is also targeting on domestically meeting three-fourths of the petroleum demand by 2040.
Many petroleum expansion projects had found mention in the recent 12 months. While the public sector accounting for nearly 66% or 150 million tons per annum (MTPA) announced the bulk of such projects, the private sector accounting for 34% or 80 MTPA of refining capacity made public their expansion plans. In 2016, the ministry had announced plans for the world's largest refining project of 60 MTPA refinery on the west coast.