Arvinder Singh Sahney.
Credit: X/@IndianOilcl
Bengaluru: Arvinder Singh Sahney, an industry veteran took charge as the Chairman of Indian Oil Corporation (IOC) Ltd on Wednesday. He has been associated with IOC since 1993 and has held key positions across various functions.
Sahney also played a role in the commissioning of the 15 million metric tonnes per annum (MMTPA) Paradip Refinery, which has significantly bolstered India's refining capacity and energy security. Before assuming the role of Chairman, he headed the multinational oil company’s petrochemical vertical.
Rise in energy demand
India’s energy demand is set to double by 2047, with a substantial 25% increase in demand within the next two decades figures by the International Energy Agency (IEA) suggest.
Highlighting the substantial demand in the refining sector, at the Energy Technology Meet 2024 held in Bengaluru, Hardeep Singh Puri, Minister of Petroleum and Natural Gas said, “India has the capability to process over 250 types of crude oil, with refining capacity anticipated to grow from the current 258 MMTPA to 310 MMTPA.”
He also lauded the oil marketing companies (OMCs) and private energy companies for their proactive approach in achieving net-zero targets and asserted India’s readiness to support the advancements in ethanol, hydrogen, and biofuels.