Inaugurating the 22nd Refinery Technology and Petrochemicals Meet (RPTM), jointly organised by the Centre for High Technology and Indian Oil Corporation Limited under the aegis of the Union ministry of petroleum and natural gas, Pradhan called upon all public and private sector oil and gas companies in the country to add at least 200 million tonnes of refining capacity in the next two decades to maintain India's leadership position as the hub of Asian refining and product export. "Every 2-3 three years, we have to add capacity of about 20 million tonnes to meet our requirement", he said. With a big appetite for energy, the country needs to add more refining capacity.
"Experts opine that petroleum demand by 2040 will exceed about 600 million metric tonne (MMT)".
"India's refining capacity must increase to about 600 million tonnes by 2040, from about 247 million tonnes now". The theme of the meet is "Emerging trends in downstream hydrocarbon sector".
"India will remain one of the fastest growing energy and petrochemicals market in the world".
The Minister informed that the government has planned to set up West Coast Refinery cum Petrochemical Complex of 60 MMTPA with an estimated investment of Rs 270,000 crore.
Underlining the importance of innovation and research and development in petroleum sector, Pradhan stressed on providing clean, affordable energy to a large number of people.
He said the focus of the union government is moving towards efficient energy production and consumption. Chief executives of oil & gas companies, heads of refineries and global/Indian consultancy organisations, besides nearly 1000 delegates from India and overseas are participating in this vital annual Meet that is being organised by the Centre for High Technology is co-hosted by IndianOil.
Ambassador of Japan Kenji Hiramatsu, in his special address, expressed his happiness at the strong ties between India and Japan and offered technological support to Indian industries.
Prestigious Energy Sector Awards for the years 2015-16 and 2016-17, namely Refinery Performance Improvement Awards, OGCF Awards, Innovation Awards and Oil Industry Safety Awards were also presented by the Hon'ble Minister.