India Set to Expand Refining Capacity to 300 Million Tonnes by 2030, Says Union Minister Hardeep Puri

India is positioned to strengthen its role as a global refining hub as its processing capacity is projected to reach 300 million tonnes annually by 2030, according to Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.

Union Minister Hardeep Singh Puri stated that India's current refining capacity stands at approximately 290 million tonnes per annum. He made these remarks during a news conference on the sidelines of the 29th Energy Technology and Innovation Meet in south Goa.

Growth Amid Global Declines

Mr. Puri contrasted India's expanding refining infrastructure with capacity reductions observed in Europe and other parts of the Western world. He estimated that Western markets are losing at least 250,000 barrels per day of refining capacity annually due to logistical costs and operational inefficiencies in smaller, less efficient facilities.

Key highlights reported from the address include:

• Capacity Target: Reaching 300 million tonnes per annum by 2030.
• Facility Scaling: Existing refineries scaling up capacity, such as facilities moving from three million tonnes to six million tonnes, and from six million tonnes to nine million tonnes.
• Market Supply: The capacity expansion aims to serve both domestic energy requirements and international petroleum product markets.

Domestic and Export Capabilities

Addressing queries regarding export restrictions, Mr. Puri asserted that the country's rising production volume will allow refiners to comfortably cater to both domestic consumers and overseas buyers. He noted that Indian refiners planned these capacity enhancements even during periods of subdued domestic diesel consumption growth.

The Minister also highlighted that the Western world has seen a lack of new greenfield refineries in recent decades, contrasting with ongoing domestic investments. Additionally, he noted that initiatives like Samudra Manthan and GOBARdhan are expected to gain momentum, complementing the expanding energy infrastructure.

Readers can verify announcements through official government press releases and updates from the Ministry of Petroleum and Natural Gas.