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Addressing a petroleum university’s convocation, PM said India plans to nearly double its oil refining capacity in the next five years.

Highlights

• India was also aiming to raise the share of natural gas in its energy-consumption mix by up to four times.
• The cleaner-burning fuel currently accounts for about 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.
• The country had renewable energy capacity of about 75 gigawatts at the end of 2018.

Increase in refining capicity

• Our refining capacity will increase from about 250 million tonnes per annum now to 450-500 million tonnes in next 10 years.
• The capacity addition will be both brownfield (expansion of existing units) and greenfield (new refineries)
• International Energy Agency (IEA) forecast that India's fuel demand will reach 458 million tonnes by 2040.
  
• As the world's third-biggest oil consumer, India imports 85 per cent of its energy requirements and is planning ahead to cater to the rise in demand.

Source: The Hindu