India is set to double its refining capacity for crude oil to 450-500 million tonnes per annum by 2030. India’s current refining capacity of 249.9 million tonnes per annum exceeds domestic consumption of petroleum products which was 213.7 million tonnes in the previous fiscal.
Daily Current Affairs Quiz 2020
Key-Points
India’s consumption of petroleum products is likely to rise to 335 million tonnes per annum by 2030 and to 472 million tonnes by 2040. India needs to boost refining capacity to meet growing demand.
India already has the world’s largest refinery project in the West Coast of India, work on which will start soon.
Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) hold 50 per cent and Indian oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) hold the remaining stake in the project.
The additional capacity is going to come in the form of a new 9 MT refinery at Barmer in Rajasthan and expansion projects at Koyali in Gujarat, Panipat in Haryana, Paradip in Odisha, Vizag in Andhra Pradesh, Mumbai, Bina in Madhya Pradesh, Numaligarh in Assam and Chennai.
Oil and gas sector is one of the largest end users of steel pipes and tubes, with pipeline being the major mode of transport for petroleum, oil and lubricant products.
