October 18, 2019
Oil Minister Dharmendra Pradhan on Tuesday
The plan to build the 60 million tonnes (MT) a year capacity refinery in
Ratnagiri district of Maharashtra has come electric faucet Manufacturers in for
questioning after Transport Minister Nitin Gadkari announced that only electric
cars would be produced in the country after 2030.2 MT in 2016-17 fiscal."Given
the market size we have and consumption pattern, we need multiple sources of
energy," Pradhan said, adding that the planned refinery is to meet the
incremental demand in India for fuel and energy.In order to meet the vast
growing energy needs, India needs "multi-source fuels," he said, adding that
there is a requirement for conventional fuels, coal, renewable sources as well
as nuclear.India has a capacity to refine 232."So if the petrochemical demand
grows with the expanding economy, we would need domestic production," he
said.
Pradhan said that just a couple of days ago Saudi Aramco and Saudi Arabias
chemicals company SABIC announced plans to develop a fully-integrated crude oil
to chemicals (COTC) complex.Refineries world over are looking at value addition
to produce petrochemicals.Besides, Railway Minister Piyush Goyal has said that
diesel locomotives will be phased out by 2022.According to the International
Energy Agency (EA), this demand is expected to reach 458 MT by 2040.7 lakh crore
oil refinery on the west coast by 2022 despite the push for electric vehicles,
saying that India needs multi-source fuels to meet its fast-growing energy
needs.Saudi Aramco has also shown interest in taking an equity stake in the
Maharashtra project, which is being jointly put up by Indian Oil Corp, Bharat
Petroleum Corp and Hindustan Petroleum Corp."India consumes just 6 per cent of
the global primary energy at present but it will account for 25 per cent of
incremental growth," Pradhan said at a KPMG Energy Summit here.Pradhan said
Indias per capita petrochemical consumption is just 10 kg as against the global
average of 30 kg.
Oil Minister Dharmendra Pradhan on Tuesday strongly
defended plans to build the Rs 2.The planned Rs 2.Petrochemicals which form the
building blocks for products used in the manufacture of wide range of items,
from plastics to cosmetics, is derived from refining crude oil or natural
gas.066 MT of crude oil into fuel a year, which exceeded the demand of 194. And
the nation is import dependent to meet its petrochemical needs.7 lakh crore
project in Ratanagiri district of Maharashtra will have a 10-12 MT petrochemical
complex.The USD 20 billion project is planned to process 400,000 barrels per day
(20 MT) of crude oil and produce some 9 MT of chemicals and base oils per year
by 2025
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