Bhubaneswar: The 22nd Refining and Petrochemicals Technology Meet got underway here today with Union Minister Dharmendra Pradhan inaugurating the event.
Presently, Pradhan said, the country has the capacity to refine oil of 247 million metric tonnes per annum. "We have to add 20 million tonnes in every two-three years to achieve the target", Pradhan said.
Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday said India will offer an investment opportunity of 300 billion U.S. dollar in the hydrocarbon sector in next 10 years to keep pace with its incremental demand for energy. "Our demand for petroleum products will rise from the current level of 194 million tonnes to 458 million tonnes by 2040". With a big appetite for energy, the country needs to add more refining capacity.
Delivering the key note address Shri K.D. Tripathi, Secretary, Ministry of Petroleum and Natural Gas, Govt. of India said that the petrochemicals sector in India was poised for a quantum jump in keeping with the rapid economic growth of the country and that there existed tremendous opportunities for India to emerge as the demand centre of energy.
Pradhan called upon the public and private sector oil and gas companies in the country to add at least 200 million tonnes of refining capacity in the next two decades in order to maintain India's leadership position as the hub of Asian refining and product export.
"Integrated refinery-petrochemical complexes should be the future for deriving maximum benefits for the industry", he said. "Hence next generation renewable sources of energy as well as conventional hydrocarbons will play an important role in our energy security objectives", said the Petroleum Minister.
Underlining the importance of innovation and research and development in petroleum sector, Pradhan stressed on providing clean, affordable energy to a large number of people.
The 22nd Refining & Petrochemicals Technology Meet is being organised by the Centre for High Technolgy (CHT) under the aegis of Ministry of Petroleum & Natural Gas (MoP&NG) in association with the oil and gas companies in India.
H.E. Mr. Kenji Hiramatsu, Ambassador of Japan, in his Special Address expressed his happiness at the strong ties between India and Japan and offered technological support to Indian industries.
The Union Minister presented energy sector awards to oil industries in different categories including better performance and innovation.