Daijiworld Media Network - New Delhi

New Delhi, Nov 8: India, with 23 world-class refineries and a combined capacity of 258.2 million metric tonnes per annum (MMTPA), now ranks among the top five refining nations globally, said Minister of Petroleum and Natural Gas Hardeep Singh Puri on Saturday.

“India’s oil refining journey reflects growth, innovation, and self-reliance. From meeting domestic demand to fuelling global markets, the progress has been remarkable,” Puri noted in a post on X.

He highlighted that petroleum product exports reached 64.7 million tonnes in 2024-25, up from 55.5 million tonnes in 2014-15, emphasizing India’s growing role in global energy trade. Puri added that every refinery now produces BS-VI fuels, among the cleanest worldwide, and new petrochemical hubs in Rajasthan and Odisha are shaping India’s energy future.

The minister said India is on track to achieve around 310 MMTPA by 2030, with long-term plans to expand capacity to 400–450 MMTPA, aiming to become a global refining and energy hub. This expansion coincides with a projected closure of 20% of global refining capacity by 2035, with over 100 refineries expected to shut down worldwide.

Despite a slow global energy market, India is expected to contribute 30–33% of the projected growth in global energy demand in the coming decades. India’s refineries are globally integrated and export-ready, with petroleum product exports to over 50 countries valued at more than $45 billion in FY 2024-25.

Puri underscored the importance of innovation and indigenization, noting India has achieved nearly 80% import substitution across the energy value chain. While traditional fuels will continue to play a key role, India’s energy strategy is aligned with a gradual transition toward sustainability, targeting long-term energy goals by 2047.