India showcases at ADIPEC
Oil and gas would continue to play a critical role in meeting India’s energy requirement, in coming two decades even as the country adapt to renewable energy.
Making this clear, Petroleum and Natural Gas Minister Dharmendra Pradhan pointed out “Our focus is to attract global investments into the oil and gas sector, as India would invest US$100 billion by 2024 in refining, pipelines and gas terminals.”
“There is no better place to invest if you are in the business of energy,” he underlined.
Political stability, predictable policies and a huge diverse market make India an attractive investment destination for global investors.
“We have recently liberalized the entry norms for fuel retailing which has paved way for entry of new players in the fuel retailing space and enhancing competition,” said the Minister who inaugurated the India Pavilion at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on 11 Nov 2019.
At the ADIPEC inaugural global discussion in Abu Dhabi, Pradhan stressed “We are working to make India a gas-based economy and working for more cleaner and greener environment.
“For this we will be working on investing in gas-based infrastructure like increase in CGD and PNG network and gas industries.”
Global energy transition is driven by Asia becoming the centre of energy consumption, greater availability of LNG, greater promise of energy independence through renewables including solar and wind energy, emergence of US a leading hydrocarbons exporter and the urgency to meet COP 21 Paris climate commitments, he said.
The India Pavilion has 9 Indian Oil & Gas companies from the upstream, midstream, downstream and engineering segments, along with Federation of Indian Petroleum Industry (FIPI), Directorate General of Hydrocarbons (DGH) and Confederation of Indian Industry (CII). Fiinews.com