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PM Modi Says India Set To Double Oil Refining Capacity In Five Years, Earlier Than Expected

Modi mentioned India was additionally aiming to lift the share of pure fuel in its energy-consumption combine by as much as 4 occasions. The cleaner-burning gasoline presently accounts for about 6% of the power consumed within the nation.



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India would obtain its targets of accelerating renewable power capability to 175 gigawatts by 2022

India plans to just about double its oil refining capability within the subsequent 5 years, Prime Minister Narendra Modi mentioned on Saturday, providing a way more aggressive timeline than beforehand regardless of the coronavirus pandemic blighting the financial system. The nation’s power minister was quoted in June as saying India’s oil refining capability may leap to 450-500 million tonnes in 10 years from the present stage of about 250 million tonnes.

Also Read: Oil Falls On Demand Concerns, Posts Second Monthly Decline​

But addressing a petroleum college’s convocation, Modi mentioned “work is being done to nearly double the country’s oil refining capacity in the next five years”.

The convocation was additionally addressed just about by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world’s largest oil refinery in Modi’s residence state of Gujarat.

Modi mentioned India was additionally aiming to lift the share of pure fuel in its energy-consumption combine by as much as 4 occasions. The cleaner-burning gasoline presently accounts for about 6% of the power consumed within the nation.

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Also Read: Oil Prices Slip 3% As Europe Widens Lockdowns​

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India would obtain its targets of accelerating renewable power capability to 175 gigawatts by 2022 and 450 gigawatts by 2030 forward of schedule, Modi added. The nation had renewable power capability of about 75 gigawatts on the finish of 2018.

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