Last Updated : 23 April 2013 at 17:30 IST
India refining capacity surge makes nation exporter of Petroleum Products
“ The refining capacity is not only sufficient for meeting domestic consumption requirement but also leaving a substantial surplus for export of petroleum products,” the Minister said.
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NEW DELHI (Commodity Online): As a result of the refining capacity expansion from modest 62 Million Metric Tonnes Per Annum (MMTPA) in 1998 to 215.066 MMTPA during 2012-13, India has become self-reliant in meeting the domestic requirements of most of the refined petroleum products making it a net exporter of products.
This was informed by India's Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi in Rajya Sabha.
“The refining capacity is not only sufficient for meeting domestic consumption requirement but also leaving a substantial surplus for export of petroleum products,” the Minister said.
Lakshmi explained that during the last three years, 31.68 MMT of refining capacity has been added due to commissioning of BORL refinery at Bina, Madhya Pradesh, HMEL refinery at Bhatinda, Punjab and expansion of existing refineries at Panipat, Chennai, Mangalore and Jamnagar (EOL).
Meanwhile, the recommendations of the Committee constituted under Chairmanship of Dr.C. Rangarajan, Chairman, Prime Minister’s Economic Advisory Council (EAC) to review among other things, the basis for determining price of domestically produced natural gas are under consideration of the Government.
She also said that under the Production Sharing Contract (PSC) regime, the current sale price of natural gas, including Coal Bed Methane (CBM), varies from a minimum of US$ 2.67 per Million British Thermal Unit (MMBTU) to a maximum of US$ 6.79 per MMBTU.
The sale and pricing of natural gas under the PSC regime is governed by the relevant PSC provisions.
Price of Administered Price Mechanism (APM) gas varies from $2.52 to $4.2 per MMBTU. While the price of non-APM gas varies from $4.2 to $ 5.25 per MMBTU.
India is a net exporter of petroleum products and during 2011-12, the country exported 60.8 MMT of Petroleum products worth $59.3 billion. The country is one of the biggest importers of crude oil.
She further said that increase in refining capacity is an integral part of the strategy for meeting the growing demand of refined petroleum products and improve the energy security of the country.
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