petro exports set to double this year

Petroleum sector exports are expected to exceed $20 billion in the current fiscal, against $9.1 billion in the previous fiscal. With that, petroleum will emerge as the largest foreign exchange segment with a 16.2% share in the country’s export basket. With the doubling of capacity of the Panipat refinery to 12 million tonnes per annum, the country has added 16.5 million tonnes of refining capacity in 2006-07. This has scaled up the combined capacity of India’s 19 refineries to 149-million tonnes per annum.