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MOSCOW (MRC) -- India plans to nearly
double its oil refining capacity in the next five years, Prime Minister Narendra
Modi said, offering a much more aggressive timeline than previously, despite the
coronavirus pandemic blighting the economy, said Hydrocarbonprocessing.
The
country's energy minister was quoted in June as saying India's oil refining
capacity could jump to 450-500 million tons in 10 years from the current level
of about 250 million tons. But addressing a petroleum university's convocation,
Modi said "work is being done to nearly double the country's oil refining
capacity in the next five years".
The convocation was also addressed
virtually by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates
the world's biggest oil refinery in Modi's home state of Gujarat. Modi said
India was also aiming to raise the share of natural gas in its
energy-consumption mix by up to four times. The cleaner-burning fuel currently
accounts for about 6% of the energy consumed in the country.
India would
achieve its targets of increasing renewable energy capacity to 175 gigawatts by
2022 and 450 gigawatts by 2030 ahead of schedule, Modi added. The country had
renewable energy capacity of about 75 gigawatts at the end of 2018.
As
MRC informed
earlier, India terminated the anti-dumping investigation on monoethylene
glycol (MEG) imports from Kuwait, Oman, the UAE and Singapore. The applicant,
Reliance Industries Limited, withdrew the application on anti-dumping
investigation via a letter on 18 November stating that “in view of the current
situation, they have withdrawn the aforesaid application with a liberty to
resubmit the same”, according to a notification from the Ministry of Commerce
and Industry. The anti-dumping investigation was launched on 9 December
2019.
MEG is mainly used in the production of polyester fibres,
resins and films (around 80% of global consumption), followed by use in
polyethylene terephthalate (PET) resin. It is also used as automotive
antifreeze.
As per MRC' ScanPlast, calculated
consumption of polyethylene terephthalate (PET) reached 52,71o tonnes in
September 2020, down 27% compared to the same time a year before. Total
consumption of PET in Russia in the nine months of 2020 reached 530,750 tonnes,
down 22% than the same indicator last year. |
