Petrotech 2019: Oil companies’ heads underplay business risk from EVs, renewables


Petrotech 2019: Oil companies’ heads underplay business risk from EVs, renewables

The heads of large Indian public sector oil and gas companies have spoken in unison to downplay the business risk posed by the rapid rise of electric vehicles and renewables. The two latest disruptions of the energy industry will not be able to usurp a significant market share in the near future and their supporting infrastructure is unlikely to be available for a long time, they argued.

The Chairmen and Managing Directors (CMDs) of at least three major Public Sector Undertaking (PSUs) – Oil and Natural Gas Corporation (ONGC), Indian Oil Corp (IOC) and Hindustan Petroleum Corp (HPCL) – were sharing their view on the EV revolution at Petrotech 2019, the oil ministry’s flagship biennial event.

Speaking at a panel discussion during the mega event, ONGC CMD Shashi Shanker said renewables grew at a pace of 17 per cent in 2017 Read More

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