Prime Minister Narendra Modi said that India is planning to nearly double its oil refining capacity to 450 million tonnes (MT) from the current 250 MT by 2025. “Reforms in Exploration and Licensing Policy were put in place in February 2019.
The focus has shifted from ‘revenue’ to ‘production’ maximisation. There is also focus on greater transparency and stream-lined procedures. We plan to grow our refining capacities from about 250 to 400 Million Metric tonnes Per Annum by 2025,” said the PM speaking at the fourth India Energy Forum alongside.
Earlier this year in June, oil minister Dharmendra Pradhan had said that the country is mulling doubling its refining capacity to 450-500 million by the end of 2030. Modi also said that the world has suffered too long under uncertain oil prices. “For too long, the world has seen crude prices on a roller-coaster. We need to move towards responsible pricing.
We have to work towards transparent and flexible markets for both oil and gas,” he said. The demand for more transparent and sustainable oil markets has been reiterated several times by Indian authorities over the past decade, since the country remains among the top consumers of oil and gas, and imports the majority of its requirements.
Apart from trying to sate its rapacious crude oil capacity, India had turned to renewable energy projects to reduce its dependence on thermal power. According to the Prime Minister, India is well on track to meet the commitment of increasing renewable energy capacity by 175 GW by 2022. “We have further extended this goal to 450 GW by 2030,” he added.
Among other speakers at the event were Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, Saudi Arabia’s Minister of Energy Abdulaziz bin Salman Al Saud and US Secretary of Energy Dan Brouillette. Pradhan said that India’s energy agenda is inclusive and sensitive to climate change. The PM also said India’s gas market reforms “will give greater marketing freedom in the sale of natural gas through e-bidding” and that it has also launched its first automated national-level gas trading platform in June.
