The country’s refining capacity has increased from a modest 62 million tonne annually in 1998 to 254 MMTPA. To make India a refinery hub, there is a need to secure long-term crude oil supply, given the domestic demand-supply mismatch. By 2030, we aim to elevate India’s refining capacity to 450 MMTPA.”Why is the government keen on making India a refinery hub? The likely reason is that western countries may not increase refining capacity due to climate pressure, so India can tap this opportunity to supply to them. Das cautions, “If new refining capacity additions are focused on export markets, that may not help the situation and further challenge the net zero ambitions.

Source: The Hindu February 17, 2024 05:55 UTC