Oil companies have invested nearly $14 billion to upgrade facilities and help implement Bharat Stage IV (BS-IV) , according to Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan.

Indian refineries with a production capacity of 230 million tonne had a daunting task ahead to meet the increasing requirements in the next 3-4 years. Efforts are under way to add 70 million tonnes through greenfield and 124 million tonne through brownfield refineries, the Minister said while inaugurating the three-day, 21st refinery technology meet here on Thursday. The meeting is being organised jointly by the Centre for High Technology and HPCL. Pradhan said, India will reduce automobile pollution drastically by producing Bharat Stage-VI compliant fuel skipping BS-V by 2020.

“BS-VI compliance involves huge investment. Hence, our focus is on achieving the vision for New India finalised by Prime Minister Narendra Modi. We have to produce quality and affordable fuel and diversifying into petrochemicals,” he said after handing over Jawaharlal Nehru awards to the oil companies in recognition of their performance during 2015-16.

By 2040, the requirement would be three to four-fold more. He advised the delegates to discuss and find out solutions on pipeline network and consumer-friendly market. “We are now not only meeting our requirement but also either exporting or in the process of exporting oil to Nepal, Bhutan, Bangladesh and Myanmar and other neighbours.

The Minister also asked the oil companies to explore joint ventures with companies based in Thailand, Malaysia and Indonesia for exploration of oil resources.

KD Tripathi, Secretary, Ministry of Petroleum & Natural Gas said technology and innovation were driving the oil industry in India and called for ignoring fossil fuel to reduce Green House emissions. HPCL Chairman-cum-Managing Director MK Surana said the time had come to get more value from crude and exploration of alternate sources of energy.

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