India’s oil refining sector is gaining global recognition, says Minister Hardeep Singh Puri. At a recent event, the minister highlighted that the country now owns 23 world‑class refineries with a combined capacity of 258.2 million tonnes per year, placing India among the top five refining powers worldwide.
Puri took to X (the platform formerly known as Twitter) to celebrate the growth story of India’s petroleum industry. “India’s oil refining story is a story of growth, innovation and self‑sufficiency,” he wrote. “From meeting domestic demand to fuelling global markets – the journey has been remarkable.”
A key point for investors and energy watchers is the jump in exports: in fiscal 2024‑25, India exported 64.7 million tonnes of petroleum products, up from just 55.5 million tonnes two decades earlier. This increase shows how the country is becoming a major supply hub for more than 50 nations, with total export value exceeding $45 billion last year.
All Indian refineries now produce BS‑VI fuels, the cleanest fuels in the world. Two new petrochemical hubs in Rajasthan and Odisha are already boosting India’s leadership in the sector under Prime Minister Narendra Modi’s drive for a clean energy future.
Looking ahead, Puri said that India plans to raise refining capacity to 310 million tonnes per year by 2030 and eventually reach 400–450 million tonnes per year. Even as the global refining industry shrinks – around 20 % of existing capacity is expected to close by 2035 – India is set to grow its share of the world’s energy demand by 30‑33 % in the coming decades.
The minister emphasized that India’s energy strategy balances the gradual decline of traditional fuels with steady growth in petrochemicals. “Fuel will remain essential for decades as we move toward sustainability and our 2047 goals,” he said.
In short, India’s refining network is not only strong today but poised for even bigger growth, making it a key player in the global energy landscape.
Source: ianslive
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
