Abu Dhabi (NVI): India will invest 100 billion dollars in refining, pipelines and gas terminals by 2024 to attract global investments into the oil and gas sector to satisfy it huge appetite for energy and become a driver of global energy demand.
“India has a huge appetite for energy, and will be a driver of global energy demand in coming decades. In fact, oil and gas would continue to play a critical role in meeting our energy requirement, in coming two decades even as we adapt renewable energy,” Union Minister of Petroleum, Natural Gas and Steel Dharmendra Pradhan has said.
Speaking while inaugurating the India Pavilion at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Monday, he said “there is no better place to invest than India if you are in the business of energy…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.”
The India Pavilion has been set up by 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).
He further said that India is working to make Prime Minister Narendra Modi’s vision to make India a gas based economy and working for a 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 based industries.”
He added that 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.
