Energy security holds paramount importance to India’s progress towards becoming an economic powerhouse. PwC projects India to surpass the US to become the second largest economy in the world by 2050.
Prime Minister Narendra Modi on Wednesday asserted that India will be a key driver in the energy sector in the next 25 years. The PM was addressing 16th International Energy Forum Ministerial Meeting in New Delhi.
With New Delhi and Amman engaging to expand ties in education, IT, renewable energy and research, trade is expected to touch $5 billion by 2025.
Even as the largest global green energy programme is gaining traction in India, a new frontier in the form of tidal energy may open up to help meet the country’s energy demand.
NHPC’s three hydropower projects with total installed capacity of 3,130 MW are under various stages of construction, says Balraj Joshi, Chairman and Managing Director, NHPC.
Bangladesh’s excessive dependence on natural gas for electricity generation and its failure to develop other energy alternatives to feed its economy has weakened its energy security.
Creation Of An Integrated Mega Indian Oil PSU To Rival Global Energy Majors Announced In Union Budget 2017
In what can rival the likes of Russia’s Rosneft ($55 billion in market cap) and UK’s BP Plc ($112 billion) in market value and financial power, finance minister Arun Jaitley while presenting the Union Budget 2017 announced creation of an integrated public sector ‘oil major’ by integrating the oil sector PSUs across the value chain and to enhance capacity of Oil PSUs to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders.
The pact assumes immense significance for an oil importing nation like India and one that feeds 80% of its crude oil needs through imports. The underground strategic storages have been built at different locations across India and filling half of the oil storage facility at Mangalore amounts to 10 days of India's average oil demand (or about 37 million barrels of crude oil).
In what will help towards India’s energy security goals besides building a strong bond with the United Arab Emirates (UAE), India on Wednesday inked a significant pact with the energy rich Gulf nation on oil storage and management.