New Delhi, Nov 8 (NationPress) - The Minister of Petroleum and Natural Gas, Hardeep Singh Puri, announced on Saturday that India, equipped with 23 world-class refineries and a total capacity of 258.2 MMTPA (million metric tonnes per annum), is now ranked among the top five oil refining nations globally.

He stated, "India's oil refining journey is one of growth, innovation, and self-sufficiency. From fulfilling domestic needs to supporting global markets, the progress has been astonishing," in a post shared on X.

The Minister further noted that in the fiscal year 2024-25, the country’s petroleum product exports soared to 64.7 million tonnes, a significant increase from 55.5 million tonnes recorded in 2014-15.

“Every refinery today produces BS-VI fuels, recognized as some of the cleanest worldwide. With the establishment of new petrochemical hubs in Rajasthan and Odisha, India is charting a new course in energy under the guidance of PM Narendra Modi,” the Minister emphasized.

Previously, he mentioned that by 2030, the nation aims to reach approximately 310 MMTPA, with plans to expand further to 400–450 MMTPA to solidify its status as a global refining and energy center.

During the recent inaugural session of the Energy Technology Meet, he discussed how this expansion aligns with the fact that around 20 percent of the existing global refining capacity is at risk of closure by 2035, with more than 100 refineries expected to shut down worldwide.

While the global energy market anticipates sluggish growth, India stands out as a beacon, projected to account for nearly 30-33 percent of global energy demand growth in the forthcoming decades, he added.

Hardeep Singh Puri also pointed out that India’s refineries are world-class, integrated globally, and prepared for exports. Currently, India is among the top seven exporters of petroleum products, with shipments to over 50 countries amounting to more than $45 billion in FY 2024-25. He underscored the significance of innovation and indigenization in India's energy landscape, achieving nearly 80 percent import substitution across the energy value chain.

The Minister emphasized that India's energy strategy includes both fuel and petrochemical development as part of a careful transition towards sustainability. He remarked that while the proportion of traditional fuels will gradually diminish, they will continue to play a critical role for decades as India aspires to meet its 2047 milestones.