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India Plans to Increase Oil and Gas Refining Capacity, Bucks Global Trend: PM Modi

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India is poised to increase its oil and gas refining capacity even as there is global uncertainty over the crude oil situation amid the Middle East crisis, Prime Minister Narendra Modi said on Saturday while inaugurating a greenfield refinery in Rajasthan, India.

Modi highlighted that while the US has not built a new refinery in 50 years and Europe's capacity is shrinking, India has become the fourth-largest refining nation in the world.

"And we will not stop here - in the coming years, this capacity will increase further. These efforts enabled India to fight and overcome the greatest energy crisis of the century." Modi said.

The new HPCL Rajasthan Refinery is a joint venture between Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), which holds a 74% stake, and the state government of Rajasthan, which has the remaining 26%. It has a capacity of around 9 million tons per annum.

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