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"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.
Pradhan was addressing the 22nd edition of Refining and Petrochemicals Technology Meet (RPTM) here on Saturday.
"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 Minister added.
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 said.
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 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)