India to expand refinery capacity to 310 MMTPA by 2028, ethanol blending to hit 20% next year
India is set to expand its refinery capacity from 256.8 million metric tonnes per annum (MMTPA) in 2024 to 310 MMTPA by 2028, while ethanol blending in petrol is expected to reach 20% in 2025, Petroleum and Natural Gas Minister Hardeep Singh Puri said. He was addressing the FIPI Oil & Gas Awards 2023 ceremony, which celebrated innovation and leadership across the energy sector. Highlighting key reforms, Puri said India’s exploration acreage is on track to grow by 16% by 2025, aiming to cover 1 million square kilometers by 2030. He also noted that LPG affordability has been a priority, with PMUY households paying ₹6 per day and non-PMUY households ₹14 per day for cylinder refills. City Gas Distribution (CGD) coverage has expanded significantly, from 5.5% in 2014 to a projected 100% by 2024. The minister also highlighted the country’s dynamic start-up ecosystem, with over 1,400 deeptech patents filed in the last five years. India now ranks as the third-largest start-up ecosystem globally, with more than 1,00,000 start-ups and nearly 120 unicorns.
India’s Oil Imports See Major Shift: Russia Accounts For Over A Third, Reveals Union Minister Puri
India’s Evolving Energy Strategy: Russia Now Supplies 35% of Crude Oil Imports. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, shed light on India’s changing energy landscape during the FIPI Oil and Gas Awards Ceremony. He revealed that Russia has emerged as the largest supplier of crude oil to India, contributing over 35% to the nation’s total imports. This marks a significant transformation from February 2022, when Russia’s share was a mere 0.2%. Highlighting the factors driving this shift, Minister explained that India has been navigating global price dynamics and availability, strategically balancing long-term contracts with spot market purchases. He also noted that Russia’s top position is not static, as monthly variations occur. Additionally, the minister underlined India’s diversified energy partnerships, pointing out key suppliers like Saudi Arabia, the UAE, Iraq, Kuwait, and the United States. These partnerships reflect India’s pragmatic approach to energy security, driven by both geopolitical and market considerations.