India plans to nearly double its oil refining capacity over the next five years, Prime Minister Narendra Modi said on Saturday, despite the coronavirus virus epidemic offering a much more aggressive time than before to the economy.
The country’s energy minister said in June that India’s oil refining capacity could rise to 450-500 million tonnes in 10 years from its current level of around 250 million tonnes.
But while addressing the convocation ceremony of a petroleum university, Modi said “work is being done to double the country’s oil refining capacity in the next five years”.
The convocation was also addressed by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world’s largest oil refinery in Modi’s home state of Gujarat.
Modi said that India aims to increase the share of natural gas by four times in its energy consumption mix. Currently cleaner-burning fuel accounts for about 6% of the energy consumed in the country.
Modi said that India will increase its target of increasing renewable energy capacity by 2022 to 175 GW and 450 GW by 2022. The country had a renewable energy capacity of around 75 GW at the end of 2018.
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