PM asks Indian energy companies to become MNCs

Georgia ReedDec 07, 2016

The main conference of one of the biggest oil and gas exhibitions in the world, PETROTECH-2016, was inaugurated by Prime Minister Narendra Modi in New Delhi today, Bureaucracy Today has learnt.

Anish Aggarwal, Director (Pipelines), Indian Oil and Chairman, Exhibition Committee Petrotech-2016 in his welcome address stated that during the last two decades with growing participation in terms of number of participants, companies and nations, this flagship event of the bustling Indian hydrocarbon sector has become a must-attend for all the stakeholders.

The Minister said that internationally, the hydrocarbon sector is witnessing unprecedented technological developments.

"India's economy is expected to grow five-fold by 2040. Hydrocarbons will remain the most important source of energy for many years to come". Other dignitaries on the dais were H.E. Mr. Bechir Madet, Minister of Petroleum and Energy, Chad, H.E. Mr. EzeKiel Lol Gatkuoth, Minister of Petroleum, South Sudan, H.E. Dr. Mohammed Zayed Awad, Minister of Petroleum and Gas, Sudan, Her Excellency Ms. Irene Muloni, Minister of Energy and Mineral Development, Uganda and Dr. Orlando Velandia, President of National Hydrocarbons Agency of Columbia.

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Stating that the country needs to increase domestic oil and gas production and reduce import dependence, he said, "I have set a target to reduce import dependence by 10 per cent by 2022".

Highlighting the achievements of the Pradhan Mantri Ujjwala Yojana scheme, he said that more than $ 1.2 billion has been allotted. "Sustainable, stable and reasonably priced energy is essential for the fruits of economic development to reach the bottom of the pyramid", he said.

He said, while global economy goes through uncertainty, India has shown tremendous resilience and Foreign Direct Investment (FDI) is at the highest level.

Talking further on the initiatives on reducing Indias carbon footprint, the Minister said that India has taken a lead in the field of energy efficiency.

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Besides PETROTECH, International Energy Forum and International Gas Union Ministerial Conference are also being organized simultaneously, showcasing India's priority to move towards a gas based economy.

The Prime Minister said growth was expected in various sectors including manufacturing, transport and civil aviation. "As a responsible global citizen, India is committed to combating climate change, curbing emissions and ensuring a sustainable future", the PM said.

Underlining that a stable and reasonably-priced energy is key to any country's economic transformation, Modi said Indian energy majors need to increase their oil and gas production, while simultaneously focusing on forging partnership with energy companies in the region.

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