Union Minister for Petroleum announced that India is set to double its refining capacity for crude oil to 450-500 million tonnes per annum by 2030.
About:
India’s current refining capacity of 249.9 million tonnes per annum exceeds domestic consumption of petroleum products which was 213.7 million tonnes in the previous fiscal.
However, India’s consumption of petroleum products is likely to rise to 335 million tonnes per annum by 2030 and to 472 million tonnes by 2040. India needs to boost refining capacity to meet growing demand.
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