New Delhi, August 21: Amidst global instability affecting oil refining capacities due to ongoing conflicts, India is set to increase its oil refining capacity from 272 million metric tons per annum (MMTPA) to 300 MMTPA. This announcement was made by Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday.
Currently, India ranks as the third-largest oil refiner in the world.
The minister emphasized that the India-Mauritius Energy Partnership reflects a shared commitment to reliability, stability, and mutual prosperity.
According to the minister, “The agreement signed on Thursday marks a significant milestone in energy relations between the two countries and serves as further evidence of the deep friendship between India and Mauritius, which will endure for generations.”
In a post on ‘X’, the minister stated, “These government-to-government (G2G) and business-to-business (B2B) agreements open a new chapter in India-Mauritius energy cooperation. They will provide Mauritius with a stable and reliable energy supply, with IndianOil established as a dependable key supplier for the next three years.”
Puri noted that India has emerged as one of the world’s major refining hubs, with 23 refineries processing approximately 270 million metric tons annually.
He added, “As a net exporter of refined petroleum products, India views this capacity not merely as an asset but as a responsibility to be a reliable, transparent, and stable energy partner for its friends worldwide, particularly in the Indo-Pacific region. This is the leadership that Prime Minister Narendra Modi embodies, which the world admires and respects.”
On Thursday, India and Mauritius signed a crucial memorandum of understanding for cooperation in the oil and gas sector. Additionally, a five-year agreement was established between IndianOil and Mauritius’ State Trading Corporation (STC) to ensure a steady supply of petroleum products to the island nation.
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