Inaugurating the 22nd edition of Refining and Technology Meet (RPTM) here organised by the Centre for High Technology in association with Indian Oil Corporation, Pradhan said Japan has already assured an investment of $10 billion in the sector.
Acknowledging the challenges lying ahead, Pradhan said addition of refining capacity of over 260 million tonnes in next two decades is definitely a daunting task as India took more than 60 years to create a capacity of 247 million tonnes. "Every 2-3 three years, we have to add capacity of about 20 million tonnes to meet our requirement", he said.
Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday said India will offer an investment opportunity of 300 billion United States dollar in the hydrocarbon sector in next 10 years to keep pace with its incremental demand for energy.
"Experts opine that petroleum demand by 2040 will exceed about 600 million metric tonne (MMT)".
Delivering the keynote address, central petroleum and natural gas secretary K.D. Tripathi said that the petrochemicals sector in India was poised for a quantum jump in keeping with the rapid economic growth of the country and that there existed tremendous opportunities for India to emerge as the demand centre of energy. He called upon both public and private sector oil and gas companies to add at least 200 million tonnes of refining capacity in order to maintain India's leadership position as the hub of Asian refining and product export.
"Integrated refinery-petrochemical complexes should be the future for deriving maximum benefits for the industry", he said. Hence next generation renewable sources of energy as well as conventional hydrocarbons will play an important role in our energy security objectives. Chief executives of oil & gas companies, heads of refineries and global/Indian consultancy organisations, besides nearly 1000 delegates from India and overseas are participating in this vital annual Meet that is being organised by the Centre for High Technology is co-hosted by IndianOil.
Ambassador of Japan Kenji Hiramatsu, in his special address, expressed his happiness at the strong ties between India and Japan and offered technological support to Indian industries.
Prestigious Energy Sector Awards for the years 2015-16 and 2016-17, namely Refinery Performance Improvement Awards, OGCF Awards, Innovation Awards and Oil Industry Safety Awards were also presented by the Hon'ble Minister.