Blitz Bureau
NEW DELHI: Petroleum Minister Hardeep Singh Puri said that India’s oil refining capacity currently stands at about 258 million metric tonnes per annum (MMTPA) and 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, Puri said this expansion will consolidate India’s position among the top three refining hubs globally, as 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. Puri also observed that India’s refineries are world-class, globally integrated, and export-ready. India is already the fourth-largest refining nation and among the top seven exporters of petroleum products, exporting to more than 50 countries worth over $45 billion in FY 2024-25. He 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.
Puri further noted that India’s progress in green hydrogen has been particularly promising. Recent tenders by Indian Oil and Hindustan Petroleum have reduced the price of green hydrogen from around $5.5/kg to nearly $4/kg, marking a major step toward commercial viability. He said that green hydrogen, natural gas, and biofuels will be central to India’s energy transition, with the global biofuels alliance expected to catalyse international trade and adoption of biofuels, including Sustainable Aviation Fuel.
