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'India needs 600 mn tonne refinery capacity by 2040'

IANS  |  Bhubaneswar 

needs to increase its refining capacity to 600 million metric tonnes (MMT) by 2040 to meet the rising demand for fuel, said on Saturday.

"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 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, needs approximately 250-300 MMT additional refining capacity," the added.

He informed that about $300 billion would be invested in next 10 years in and hydrocarbon sectors.

"will remain one of the fastest growing and petrochemicals market in the world. Hence next generation renewable sources of as well as conventional hydrocarbons will play an important role in our objectives," said the Petroleum

He said the focus of the union government is moving towards efficient 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 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 and domestic cooking fuel. It is also catering to the petro-needs," he said.

He added, Petro-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 Refinery cum Complex of 60 MMTPA with an estimated investment of Rs 270,000 crore.

Foundation stone for another grass root Refinery cum Complex in Barmer, with an investment of Rs 43,000 crore will be laid by on 16 January 2018.

The 22nd Refining & Meet is being organised by the (CHT) under the aegis of (MoP&NG) in association with the companies in India.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 16:00 IST