India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi has said, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.
Earlier Modi’s Government energy minister quoted in June 2020 as saying India’s oil refining capacity could jump to 450-500 million tonnes in 10 years from the current level of about 250 million tonnes.
The country had renewable energy capacity of about 75 gigawatts at the end of 2018.
The cleaner-burning fuel currently accounts for about 6% of the energy consumed in the country.
But addressing a petroleum university’s convocation, Modi said “work is being done to nearly double the country’s oil refining capacity in the next five years”.
The convocation was also addressed virtually by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world’s biggest oil refinery in Modi’s home state of Gujarat.
Modi said India was also aiming to raise the share of natural gas in its energy-consumption mix by up to four times.
India would achieve its targets of increasing renewable energy capacity to 175 gigawatts by 2022 and 450 gigawatts by 2030 ahead of schedule, Modi added. However weather oil prices to drop on account of rise in production , Indian PM modi was silent