BHUBANESHWAR: Union petroleum minister Dharmendra Pradhan on Saturday said the country needs to increase its oil refining capacity to 500 million metric tonnes per annum by 2040 to meet the rising demand.
He said this while inaugurating the 22nd Refining and Petrochemicals Technology meet here jointly organised by the Centre for High Technology (CHT) and Indian Oil Corporation Limited (IOCL).
Presently, Pradhan said, the country has the capacity to refine oil of 247 million metric tonnes per annum. He called upon the public and private sector oil and gas companies in the country to add at least 200 million tonnes of refining capacity in the next two decades in order to maintain India’s leadership position as the hub of Asia’s refining and product export.
He said the government has planned to set up West Coast Refinery cum Petrochemical Complex of 60 million metric tonnes per annum with an estimated investment of Rs 2,70,000 crore in Maharashtra. 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 January 16, he added.
“Our refinery technology has been acknowledged worldwide and is considered as a benchmark in the world in most of the performance parameters. India has decided to meet international best practices by adopting BSVI fuel by April 1, 2020, in the entire country and by April 2018 in Delhi,” he added.
He said 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, he added.
Kenji Hiramatsu, ambassador of Japan, attended the meet and said the bilateral ties between India and Japan will be taken forward in the field of energy cooperation.
Pradhan also inaugurated the event exhibition and a poster display exhibition showcasing the advances being made in the refining and petrochemicals sector by Indian and foreign companies.
Refinery Performance Improvement Awards, OGCF Awards, Innovation Awards and Oil Industry Safety Awards for the years 2015-16 and 2016-17 were presented by the Union minister.