India, the world’s third largest importer and consumer of oil, has a refining capacity of around 249 million tonnes per year, which equates to around 5 million barrels per day (bpd). Refining capacity is expected to reach 298 million tonnes per year by 2025, Teli said in a written response.
âThe refining industry has been continuously modernized and upgraded with domestic and imported technologies for reducing refining costsâ and upgrading products, he said.
The country’s largest refiner, Indian Oil Corp, said in its latest annual report that it will increase its annual oil refining capacity to 87.55 million tonnes by 2024/2025, from 70.05 million tonnes currently. to meet the growing demand for petroleum products.
India will be the main driver of increased energy demand over the next two decades, accounting for 25% of global growth, and is expected to overtake the European Union as the third largest energy consumer in the world. world by 2030, the International Energy Agency said in a report earlier this year.