India's PM Modi Announces 20% Refining Capacity Increase

India is set to increase its refining capacity by 20% as part of a broader strategy to enhance energy security and meet rising fuel demands, according to Prime Minister Narendra Modi at the India Energy Week. Currently the fourth-largest refining hub globally, India aims to raise the share of natural gas in its energy mix from 6% to 15% by 2030, supported by major discoveries and an expanding pipeline network. Hindustan Petroleum Corporation Ltd. (HPCL) announced plans to further expand its Vizag refinery, targeting an additional 2-3 million metric tons annually to cater to the country's growing fuel needs. The expansion comes alongside HPCL's efforts to boost the refinery's capabilities with new secondary units aimed at improving distillate yield and refining margins. As India continues to focus on both fossil fuels and renewable energy investments, it has attracted significant financial backing for hydrogen projects and aims for substantial increases in renewable capacity by 2030. These developments underscore India's ambition to become a key player in the global refining landscape while transitioning to cleaner energy sources.