New Delhi, Dec 5 (IANS) India will raise its petroleum refining capacity by over 22 percent from the current 194 million tonnes to 238 million tonnes by 2013, Minister of State for Petroleum R.P.N. Singh said Monday.
‘India’s refining capacity, which is 194 million tonnes per annum is set to increase to 238 million tonnes by 2013. This means an additional need of 40 million tonnes of crude per annum,’ Singh said while talking to reporters on the eve of the 3rd India Africa Hydrocarbons Conference here.
‘The current demand for gas at 166 mmscmd is projected to go up to 443 mmscmd by 2017,’ he added.
With India trying to diversify its sources of crude oil imports, the minister said, Africa with its huge untapped resources is an important energy source for the country.
‘Today, 21.5 percent (35.3 million tonnes per annum as against 22 million tonnes in 2004-05) of India’s crude oil imports come from Africa, with the major suppliers being Nigeria, Angola, Algeria, Egypt, Cameroon, Equatorial Guinea and Sudan,’ said the minister.
Also India is becoming a major exporter of petroleum products to Africa. India exported 50 million tons of refined petroleum products during 2010-11 valued at about $40 billion.
‘With our refining capacity increasing further, this figure is likely to touch about 70 million tons by 2014, making India one of the world’s major exporters of petroleum products,’ said Singh.
India is the world’s fourth largest oil importer, with oil & gas constituting 45 percent of the country’s primary energy basket (oil 35 percent and natural gas 10 percent).
About 78 percent of India’s petroleum consumption is met from crude oil imports, while about 25 percent of natural gas consumption also comes from overseas.
