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India will have to nearly double it’s existing hydrocarbon refining capacity to meet the fuel demand despite a rapid push towards electric vehicles according to Minister for Petroleum and Natural Gas, Dharmendra Pradhan.
Speaking at the Council on Energy, Environment and Water Energy Horizons 2019, Pradhan said, “In India, we have current domestic refining capacity of 250 MMTPA. Recent studies have pointed out that even with an aggressive EV roll out plan, India would need 450 MMTPA of refining capacity.”
Read also: Wave of refinery shutdowns may push India into importing fuel in 2019
“Unless we pay attention to this demand growth, in another few years, we will have to start importing refined products along with crude. And anyone investing in the refinery would need reasonable assurance that there will be demand for the economic life of the investment,” he added.
Pradhan said that India’s energy consumption is projected to grow at 4.2 percent per annum up to 2035, faster than all major economies of the world.
Read more: Will electric mobility scupper India’s multi-billion dollar oil refinery expansion plans?
“While India’s energy demand increased to 754 million tonnes of oil equivalent (Mtoe) in 2017, the per capita consumption of energy is still much lower than the world average.
India’s share of total global primary energy demand is set to roughly double to about 11 per cent by 2040, driven by strong economic development,” he said.
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