PM Modi says India set to double oil refining capacity in five years


India plans to almost double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a a lot more aggressive timeline than in the past despite the coronavirus pandemic blighting the economy.

The country’s energy minister used to be quoted  in June as saying India’s oil refining capacity could hop to 450-500 million tonnes in 10 years from the current level of approximately 250 million tonnes.

But addressing a petroleum university’s convocation, Modi said “work is being done to almost double the country’s oil refining capacity in the next five years”.

The convocation used to be also addressed practically by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world’s biggest oil refinery in Modi’s home state of Gujarat.

Modi said India used to be also aiming to bring the share of natural gas in its energy-consumption mix by up to four times. The cleaner-burning fuel currently accounts for approximately 6% of the energy consumed in the country.

India would achieve its targets of increasing renewable energy capacity to 175 gigawatts by 2022 and 450 gigawatts by 2030 ahead of schedule, Modi added. The country had renewable energy capacity of approximately 75 gigawatts at the end of 2018.

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