In the modern world, Energy is the most important catalyst for achieving sustained growth. This is particularly true for India. Touted as the world's fastest growing economy & the world's third largest Energy Consumer, India's demand for energy is insatiable.
Whilst the share or renewable will rise, hydrocarbons are likely to remain the most important source of energy in India. Over the past decade, India's crude oil imports have doubled to about 3.8 MMbpd, making it the third largest crude oil importer (behind China and the US). With exponential growths in the manufacturing & industrial sectors, India's oil demand is forecast to reach 6.6 MMbpd (329 MT) by 2030 & 10 MMbpd (498 MT) through 2040 making it the fastest growing crude customer in the world as per the International Energy Agency.
This domestic demand for fuels is the catalyst for the refining and petrochemical sectors in India. Already a global refining hub, the second largest refinery in Asia (after China) & the fourth largest in the world, India would still need to add another 100 MT of refining capacity by 2030 to meet its growing demands.
Refineries in India, both in the private and public sectors, are therefore scaling up, investing in new technologies, creating world-class facilities & adhering to regulatory compliances, investing over USD 30 billion in next five years. A 1.2 MMbpd (60 MT) Greenfield refinery has also been announced by the Government on the west coast at an investment of another USD 30 billion. The proposed project, will be completed in two phases, with two crude units totaling 40 million tons in the first phase and a third one in the second phase including petrochemical units. .
The section is thus on the brink of exponential growth & provides mega opportunities to strategic investors, technology licensors, service providers, equipment suppliers, and EPC contractors to invest in India across the hydrocarbon value chain. India is one of the very few places where long term viable investment in all streams of the oil & gas sector can be planned.
It gives me immense pleasure to know that The Energy & Climate Initiatives Society (ENCIS) is organizing the next edition of The Global Refining & Petrochemicals Congress during 25-26 May 2017 at Mumbai.
I am sure the congress will facilitate the exchange of ideas and discussions on pertinent energy-related issues, showcase unique investment opportunities in India while simultaneously meeting the strategic objectives of the industry, making it the most important event for those involved in the refining and processing of hydrocarbons
My best wishes to all the participants for a very meaningful, valuable & successful event.DHARMENDRA PRADHAN
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