08/20/2012 | Editor: Dominik Stephan
India's thriving oil and petrochemical industry expands to boost its production to a total of 216 million metric tonnes of petroleum products between 2012 and 2013...
The Minister of State for Petroleum and Natural Gas R.P.N. Singh informed the Lok Sabha that the total refining capacity of the country has increased by 67.30 per cent from 127.356 MMTPA in 2004-05 to 213.066 MMTPA as on 1.4.2012. It is further projected to go up to 264.966 MMTPA by 2015-16.
He also said that production capacity of the Indian refineries has been increasing constantly during the last few years. Accordingly production of various petroleum products is estimated to increase to 216.405 Million Metric Tone (MMT) in 2012-13 from 203.993 MMT in 2011-12 and 122.749 MMT in 2004-05. Similarly, the domestic consumption is estimated to increase to 157.068 MMT in 2012-13 from 147.996 in 2011-12 and 111.63 MMT 5 in 2004-05.
Replying to another query, the Minister stated that had compensation for under-recoveries not been provided, the combined loss of the three public sector oil marketing companies during 2011-12 would have been Rs.1,31,643 crore (US $ 23 billion). The downstream oil companies could report profits only as a result of getting significant compensation of their under-recoveries from the Government and public sector upstream oil companies.
The oil world is a–changing: New players emerge and traditional producers expand their portfolio to petrochemicals. Maturing conventional oil fields and a surging demand for crude are intensifying exploration efforts in the hope of boosting production. Recently, new Deepwater discoveries brought perspectives for the industry. Read more in Crude Oil Exploration Gains Pace with new Deepwater Discoveries.
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