Domestic steel makers on Tuesday said India is capable of producing special steel grades to meet the future needs of the country’s oil and gas sector. They were speaking in a webinar organised by FICCI in which minister for petroleum & natural gas and steel Dharmendra Pradhan also participated.
The event was organised to discuss with the stakeholders the ways to promote the use of domestically manufactured steel in the oil and gas industry. In his address, the minister said the government is planning to almost double its oil refining capacity to 450-500 million tonne in the next 10 years and added that the construction of a refinery as well as laying of oil and gas pipelines and expansion of the city gas distribution network will fuel demand for steel in the country.
Jayant Acharya, JSW Steel director (commercial and marketing) said, “India’s economic growth is closely linked to the energy demand and therefore the need for oil and gas is projected to rise sharply.