India's Energy Consumption To Double In 15 Years -- Oil Minister

By Shakir Husain NEW DELHI, May 23 (Bernama) -- India's energy consumption is expected to double in the next 15 years, Oil Minister Dharmendra Pradhan said. He said the country was investing heavily in its refining capacity on the back of rising crude oil imports to meet domestic needs and export demand. "Today (Tuesday), our annual refining capacity is 235 million tonnes, out of which 194 million tonnes of products are consumed domestically, while the rest is exported,” he said at the Organisation of the Petroleum Exporting Countries (OPEC)-India Energy Dialogue in Vienna, Austria on Monday. "We are in fact net exporters of gasoline, naptha, jet fuel and gas oil. We are also in the process of increasing our refining capacity to around 310 million tonnes by 2023. “India is fast becoming a refinery hub," the minister said, according to his comments published in the local media. Dharmendra, accompanied by the chief executives of India's seven top refiners, briefed OPEC about the country's expanding petrochemical sector. Indian companies are investing US$80 billion in petrochemicals projects over the next three to five years. OPEC Members account for 86 per cent of India's crude oil imports, 70 per cent of natural gas imports and 95 per cent of liquefied petroleum gas supplies, according to India's Petroleum Ministry. "Both parties underscored the importance of further expanding direct dialogue between Indian companies and their counterparts in OPEC member countries, particularly in the downstream, to help meet the ever-growing demand for oil in India," OPEC said in a statement. Their next meeting will be held in India in 2018. -- BERNAMA