India plans to raise its oil refining capacity by 77% to 438.65 million tonnes by 2030 with Reliance Industries and Rosneft-controlled Essar Oil adding the biggest chunk, reported PTI.
The country currently has the capacity to turn 247.6 MT crude oil into fuel annually and it is slated to rise to 414.35 MT by 2025 and to 438.65 MT by 2030, said the report of the Working Group on Enhancing Refining capacity.
Its existing capacity has exceeded its fuel demand of 193.74 MT in 2016-17, but the International Energy Agency (IEA) forecast that this demand will reach 458 MT by 2040.
Being the world's third-biggest oil consumer, India imports 80 percent of its energy requirements and is planning ahead to cater to the rise in demand.
There are no immediate plans to raise capacity for its 35.2 MT only-for-exports refinery.
Reliance Industries' plans to raise the capacity of its older unit to 63 MT by 2030 from current 33 MT, while Essar is looking to more than double capacity of its Vadinar refinery in Gujarat to 45 MT from current 20 MT.
But the biggest single capacity addition would be when the planned 60 MT a year west coast refinery in Maharashtra comes on stream in 2025, the report said.
State-owned Indian Oil Corp (IOC) plans to raise capacity from 80.7 MT to 116.55 MT with expansions at its Gujarat, Panipat, Paradip and Chennai refineries.
ONGC Group, which now includes Hindustan Petroleum Corp Ltd (HPCL), plans to add about 20 MT to its existing capacity of 42.2 MT while Bharat Petroleum Corp Ltd (BPCL) would raise refining capacity to 56 MT from current 36.5 MT.