The government plans to set up smaller refineries, Petroleum Minister Hardeep Puri said on Tuesday.
Addressing an industry event, Puri said that this would help in achieving the target of 450 million metric tonne per annum (MMTPA) refining capacity in the country.
“We need to take few more policy decisions to take it up to 450 MMTPA,” he said.
Currently India has a refining capacity of 252 MMTPA.
Smaller refineries, Puri said, are easier to install as they face lesser hurdles like land acquisition.
His statement comes against the backdrop of stuck plans of IndianOil, Bharat Petroleum and Hindustan Petroleum to set up a 60 million metric tonne per annum (MMTPA) capacity refinery at Ratanagiri in Maharashtra.
ALSO READ | India’s growth momentum likely to be sustained in 2023-24: RBI
Latest Business News