Indian Refining industry will achieve global standards: Dharmendra Pradhan

Bhubaneswar: Indian Refining industry will remain one of the fastest
growing energy and petrochemicals market in the world. It will achieve
global standards in the years to come, said Union Petroleum and
Natural Gas Minister Dharmendra Pradhan on Saturday.

Inaugurating the 22nd edition of Refinery and Petrochemicals
Technology Meet (RPTM) here, the Minister said, “Our refinery
technology has been acknowledged worldwide and is considered as a
benchmark in the world in most of the performance parameters.”

“India needs to enhance its refining capacity to 600 million metric
tonnes by 2040 from around 247 million tonnes currently to meet the
increasing demand for fuel. There is a necessity to add 20 million
tonnes in every two-three years to achieve the target”, Pradhan added.

He further highlighted that about $300 billion would be spent in the
next ten years in energy and hydrocarbon sectors.

Dharmendra extended his gratitude to Ambassador of Japan to India His
Excellency Kenji Hiramatsu, who was present in the meeting, for
appreciating the Odia hospitality and said relations between India and
Japan are strongest at the moment with focus on technology transfer
and socio-cultural exchanges.

On the occasion, the Union Minister unveiled the RPTM Compendium and
Report on Enhancing Refining Capacity by 2040.

Over 1,000 delegates belonging to oil industry from the country and
abroad are participants of the event.