Bhubaneswar, Jan 13 (IANS) 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.
“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.