Crude refining capacity to rise 80% by 2025: PM Modi

India will increase its crude oil refining capability by 80% to 450 million tonnes within the subsequent 5 yr as it’s set to almost double its power consumption over the long run, Prime Minister Narendra Modi on Monday mentioned.

“We plan to grow our refining capacities from about 250 to 400 million metric tonnes per annum by 2025,” the Prime Minister mentioned on the fourth India Energy Forum on ‘India’s Energy Future in a world of Change’ organised by CERA Week.

According to grease ministry’s datakeeper Petroleum Planning and Analysis Cell (PPAC), India’s refining capability is 249.9 million tonnes, however capability utilisation was greater at 254.four million tonnes in 2019-20. That yr India consumed 214.1 million tonnes of refined merchandise domestically and exported the remainder.

 

Referring to the unfold of Covid-19 pandemic and its opposed impression on international power demand, PM Modi mentioned, “Leading global bodies project that there will be a contraction in global energy demand over the next few years also. But, these agencies project India to emerge as a leading energy consumer.”

Due to unfold of Covid-19 pandemic worldwide and subsequent lockdown of assorted international economies benchmark Brent crude had plunged beneath $20 a barrel by April 21 as a result of slack demand and oversupply from over $51.9 per barrel on March 2.

It was hovering round $40.55 a barrel on Monday, 2.92% down from the day gone by.

“I can assure you: India is full of energy! India’s energy future is bright and secure,” he mentioned on the convention including that “India is set to nearly double its energy consumption over the long term.” The digital convention was attended by US power secretary Dan Brouillette, Saudi Arabia power minister Prince Adbul-aziz, petroleum minister Dharmendra Pradhan and IHS Markit vice chairman Daniel Yergin.

Speaking on the convention, Pradhan mentioned, “With more than 1.3 billion people, India is the third largest consumer of energy [after the US and China] in the world. Our energy requirements in the coming years are bound to grow as per capita energy consumption still far below the global average.”

“We are confident to meet national energy needs based on the Energy Vision as laid out by Hon’ble Prime Minister Shri Narendra Modi ji, covering energy access, energy efficiency, energy sustainability, energy security and energy justice,” he mentioned.