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. "We have to add 20 million tonnes in every two-three years to achieve the target", Pradhan said.
"Experts opine that petroleum demand by 2040 will exceed about 600 million metric tonne (MMT)". He called upon both public and private sector oil and gas companies to add at least 200 million tonnes of refining capacity in order to maintain India's leadership position as the hub of Asian refining and product export.
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Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday said India will offer an investment opportunity of 300 billion USA dollar in the hydrocarbon sector in next 10 years to keep pace with its incremental demand for energy.
The Minister informed that the government has planned to set up West Coast Refinery cum Petrochemical Complex of 60 MMTPA with an estimated investment of Rs 270,000 crore. Underlining the critical importance of innovation and research & development, Shri Pradhan was of the view that these will be vital to achieve sustainable growth and providing clean, affordable energy to a large number of people. He said that India is the third largest consumer of energy in the world and by the year 2035 we will consume nearly 9% of the world's energy.
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He said the focus of the union government is moving towards efficient energy production and consumption. 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).
Expressing his happiness at the strong ties between Indian and Japan, Japanese Ambassador to India Kenji Hiramatsu said the bilateral ties between the two countries will be taken forward in the field of energy cooperation as well especially in the LPG.
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Prestigious Energy Sector Awards for the years 2015-16 and 2016-17, namely Refinery Performance Improvement Awards, OGCF Awards, Innovation Awards and Oil Industry Safety Awards were also presented by the Hon'ble Minister.