India Sets Sights on Becoming Global Oil Refining Leader by 2030
Prime Minister Narendra Modi made a significant announcement during his address at India Energy Week 2026 in New Delhi, revealing the country's ambitious target to transform into the world's largest oil refining hub within the next decade. The Prime Minister's declaration marks a pivotal moment in India's energy sector development strategy.
$100 Billion Investment Target for Oil and Gas Sector
Speaking to a global audience of policymakers, industry leaders, and energy innovators, PM Modi outlined India's comprehensive investment plan. The government aims to attract approximately $100 billion in investments specifically for the oil and gas sector by 2030, creating substantial opportunities for both domestic and international investors.
Beyond the oil and gas focus, the Prime Minister revealed that India's broader energy landscape presents even more extensive possibilities. The entire energy sector offers investment potential worth an impressive $500 billion, covering renewable energy, infrastructure development, and technological innovation alongside traditional energy sources.
Expanding Refining Capacity to 300 MTPA
Highlighting India's remarkable energy growth trajectory, PM Modi detailed concrete plans to expand the country's oil refining capabilities. India currently processes approximately 260 million tonnes per annum (MTPA) of crude oil, but the government intends to increase this capacity significantly.
The strategic roadmap calls for expanding refining capacity to 300 MTPA in the coming years, positioning India to potentially surpass current global leaders in oil refining. This expansion forms a crucial component of India's vision to establish itself as the world's premier refining destination.
Economic Reforms and Global Partnerships
PM Modi emphasized that India's energy ambitions are supported by comprehensive economic reforms designed to create a more favorable investment climate. The Prime Minister described India as "riding the reforms express", implementing policy changes that streamline processes, reduce bureaucratic hurdles, and enhance transparency for businesses.
The address also highlighted the importance of international trade agreements in achieving energy security and economic growth. PM Modi specifically referenced the India-EU Free Trade Agreement, characterizing it as "the mother of all deals" due to its substantial economic impact.
This landmark agreement encompasses approximately 25% of global GDP and one-third of world trade, creating significant opportunities for energy collaboration, technology transfer, and market access between India and European nations.
India Energy Week 2026: A Global Platform for Energy Dialogue
India Energy Week 2026 serves as a major international forum bringing together diverse stakeholders from across the energy spectrum. The event facilitates crucial discussions on several pressing global energy issues, including:
- Energy security and supply chain resilience
- Sustainable energy transition and climate considerations
- Inclusive economic growth through energy access
- Technological innovation in energy production and distribution
- International cooperation in energy policy and investment
The platform enables policymakers, corporate leaders, researchers, and innovators to exchange ideas, forge partnerships, and develop collaborative solutions to contemporary energy challenges. India's hosting of this significant event underscores its growing prominence in global energy discussions and its commitment to playing a leadership role in shaping the future of energy worldwide.
