Hardeep Singh Puri Says India Poised To Lead Oil Refining Sector

• The nation plans to boost its oil-refining capacity from 258 MMTPA to 310 MMTPA by 2030, targeting 400-450 MMTPA in the long term.
• With 20 percent of global refining capacity set to close by 2035, India aims to capture a larger market share and expand its export footprint.
• The government’s strategy integrates petrochemicals, biofuels, hydrogen, and renewables, aligning energy expansion with sustainability and self-reliance goals.

India is set to become a world refining superpower, according to its Petroleum and Natural Gas Minister, Hardeep Singh Puri. India's existing oil-refining capacity of around 258 Million Metric Tonnes per year (MMTPA) is to increase to around 310 MMTPA by 2030, with long-term targets reaching 400-450 MMTPA.

Puri stressed that the expansion is at a crucial juncture in the international energy scenario, as he added that almost 20 percent of current global refining capacity may close by 2035 a transition which offers India an opportunity to stake a bigger position in the market.

He emphasized that India is already the world's fourth-largest refiner and poised to have an disproportionate share in satisfying future energy needs. Refineries in the country are becoming export-oriented and competitive at the global level, extending to over 50 countries and earning export revenues of over USD 45 billion in FY 2024-25.

Also Read: Amazon and DGFT Team Up to Accelerate India's E-Commerce Export Growth

In his address, Puri also emphasized the need to incorporate petrochemicals and clean-energy options into India's refining strategy. He highlighted the nation's success in biofuel blending progressing from a goal of 5 per cent in 2006 to reaching 10 per cent early in 2022, and advancing the 20 per cent target forward of its initial schedule.

Amongst reforms enumerated were increases in refining capacity, complemented by investment in biofuels, hydrogen and renewables, to create more robust and globally connected energy industry. India's increasing domestic petroleum demand, fuelled by an expanding economy, is expected to rise steadily keeping pace with its ambitions for refining.

With the economy looking to reach $10 trillion and beyond, this drive is as much for national energy security as for making India a hub node in the world energy exchange a refining center for the region and the world.

Read More News :

Showcasing one of the fastest growing DC markets in MENA

Leading Digital Apps for Personal Loans in India