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

“India’s oil refining story is a story of growth, innovation and self-sufficiency. From meeting domestic demand to fuelling global markets — the journey has been remarkable,” the Minister observed in a post on X.

He highlighted that in 2024-25, the country’s petroleum product exports reached 64.7 million tonnes — up from 55.5 million tonnes in 2014-15.

“Every refinery today produces BS-VI fuels, which are among the cleanest in the world and with new petrochemical hubs in Rajasthan and Odisha, India is redefining the future of energy under PM Narendra Modi’s leadership,” the minister added.

He earlier said that the country is on track to reach around 310 MMTPA by 2030, with long-term plans to scale further to 400–450 MMTPA to become a global refining and energy hub.

Addressing the inaugural session of the Energy Technology Meet recently, the minister said this expansion will come at a time when around 20 per cent of existing global refining capacity faces potential closure by 2035 with over 100 refineries expected to shut down worldwide.

While the global energy market is expected to grow at a slow pace, India stands out as a bright spot, projected to contribute nearly 30-33 per cent of global energy demand growth in the coming decades, he added.

Hardeep Singh Puri also observed that India’s refineries are world-class, globally integrated, and export-ready. India is already among the top seven exporters of petroleum products, with exports to more than 50 countries valued at over $45 billion in FY 2024-25. The Minister underlined the importance of innovation and indigenization in India’s energy ecosystem with the country achieving nearly 80 per cent import substitution across the energy value chain.

The minister stressed that India’s energy strategy encompasses both fuel and petrochemical growth as part of a calibrated transition toward sustainability. He said that while the share of traditional fuels will gradually reduce, they will continue to play a major role for decades as India moves toward its 2047 goals.

–IANS

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