India ready to become world refining giant: Hardeep Puri
New Delhi: Petroleum and Natural Gas minister Hardeep Singh Puri on Tuesday said that even as the global energy market faces stagnation and refinery shutdowns, India continues to emerge as a key driver of energy growth, expected to contribute nearly one-third of the world’s energy demand increase in the coming decades.
He noted that India’s refining capacity—currently around 258 million metric tonnes per annum (MMTPA)—is projected to reach 310 MMTPA by 2030 and 400–450 MMTPA in the long term. This expansion, he said, will position India among the world’s top three refining hubs at a time when around 20 per cent of the world’s refineries are expected to close by 2035.
Calling India’s petroleum and energy landscape “transformative,” Puri said the sector’s rapid evolution is driven by visionary policies, technological innovation, and steady investments across refining, biofuels, and green energy. He added that India’s progress underscores its potential to shape the global energy future.
Puri said India has advanced rapidly from 5 per cent ethanol blending in 2006 to 10 per cent achieved five months ahead of the 2022 target. The 20 per cent blending goal has now been brought forward to 2025–26 from 2030.
He underscored that Indian refineries are globally competitive, export-oriented, and of world-class standards. India is currently the world’s fourth-largest refiner and among the top seven petroleum product exporters, shipping to over 50 countries with export revenues exceeding USD 45 billion in FY 2024–25. The refining sector contributes nearly one-fifth of India’s total revenues, supported by strong performances from both public and private enterprises. Domestic petroleum consumption has risen from 5 million barrels per day in 2021 to 5.6 million barrels per day and is projected to touch 6 million barrels per day soon, reflecting robust economic expansion and rising income levels.
On petrochemicals, Puri said that while India’s consumption remains one-third of the global average, its petrochemical intensity index has improved from 7.7 per cent to 13 per cent, offering vast room for growth. Future refineries are being planned as integrated petrochemical complexes to enhance value addition, efficiency, and export competitiveness.
