India needs to increase refining capacity to 600 mt by 2040 to meet rising demand

According to the Ministry of Petroleum and Natural Gas (MoPNG), the country will have to add about 20 million tonnes (mt) of refining capacity every two-three years to achieve the target of 600 mt capacity by 2040. Further, the country’s hydrocarbon and energy sector is expected to see an investment of about $300 billion in the next 10 years which will help facilitate this capacity addition.