In an effort to meet the rising domestic fuel demands as well as export market, India’s Oil Minister Dharmendra Pradhan said during a webinar on June 16th 2020 that they plan to double the oil refining capacity to 450-500 million tonnes in the next 10 years.
“Our refining capacity will increase from abut 250 million tonnes per annum now to 450-500 million tonnes in next 10 years”– Oil Minister Dharmendra Pradhan
India is now the third largest oil consumer, and imports 85 per cent of its energy requirements. India is planning ahead to cater to the rising demand. The International Energy Agency (IEA) predicts that India’s demand for fuel will rise to 458 million tonnes by 2040.
As many countries go on a similar path to increase the oil refining within various different sectors, protecting assets, employees, and the public is an ever growing concern.
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