@ PM Narendra Modi
- Our policies are focussed on improving India’s long term economic and social prospects, rather than on short term headlines. Our efforts are showing results in terms of economic growth and development.
- Apart from fast growth, India’s our economy has also been more stable than most others. While the global economy is going through a period of uncertainty, India has shown tremendous resilience. Our Current Account Deficit has improved steadily and reached the decade low in the June quarter. Foreign Direct Investment in India was at the highest level in 2015-16, at a time when global FDI has fallen. According to the Bank of International Settlements, India is less vulnerable to banking distress among the major economies.
- Hydrocarbons will continue to play an important part in India’s growth. The prospect of rapid growth places a large responsibility on India’s energy sector.
- India’s energy future has four pillars:
- Energy sustainability, for me, is a sacred duty. It is something India does out of commitment, not out of compulsion. India has taken the lead in committing itself to a reduction of thirty three per cent in the carbon intensity of its GDP from its 2005 level over the next fifteen years. We have done this despite our low starting point in per capita energy consumption.
- CNG, LPG, and Biofuels are cleaner fuels for the transportation sector. We need to explore options to produce biodiesel on barren lands, which will further provide financial assistance to farmers. R&D on second and third generation biofuels and fuel cells are required to meet the country’s energy challenges.
- Our proactive foreign policy and energy diplomacy is helping us to strengthen our ties with our neighbouring countries. I hope that our oil and gas sector companies will take the opportunity to tie up with their foreign counterparts to explore for more equity oil. Recent acquisitions of hydrocarbon assets in Russia by investing 5.6 billion dollars for fifteen million tonnes of equity oil equivalent, are one such instance. Indian energy companies must become multinational; and work towards India-Middle East, India-Central Asia, and India-South Asia energy corridors.
- India has always been an inspiration for others in terms of intellectual capability and enterprise. I am confident that with initiatives like “Make in India”, “Startup India”, and “Standup India”, there will be opportunities for youth to venture into Indian Oil and Gas sector and to bring innovative ideas.
- We invite you to come and Make in India. Our constant efforts have improved India’s ranking in Ease of Doing Business. Let me assure you that our commitment is strong and our motto is to replace Red Tape with Red Carpet.
@ Minister Dharmendra Pradhan:
- Last week the OPEC countries pledged to reduce their production by 1.2 million barrels a day. Non-OPEC countries also agreed to a production cut to the tune of 0.6 Million barrel per day. The proposed cut caused a surge in oil prices to above US$50 a barrel and speculation is rife that it might go up even further. It is a coincidence that we are meeting immediately after the OPEC decision in India which is a major oil consuming economy.
- For the sustainability of the oil markets, we must strike a balance of interest between producers and consumers. In June last year in an OPEC event, I had submitted the view point of India. Consumption of petroleum products is price sensitive as there is a genuine issue of affordability for a sizable population in India and other developing countries. Hence, while deciding the pricing aspect of crude oil, it should be factored in that the security of supply must, in turn, be matched by security of demand.
- I have no hesitation to confess that the fall in oil prices in last two years came as a timely relief for Indian economy and consumers. This has helped us to increase penetration of cleaner fuel replacing polluting biomass among the poorer segments of society. All of you are familiar with international projections about very high growth rate in Indian energy consumption. This is a healthy aspect of India’s development since the per capita energy consumption figures in India is one among the lowest in the world. I am sure similar is the story in other developing countries. However, higher oil prices will risk this growth trajectory and deprive the underprivileged sections of society from access to energy.
- Despite increase in renewables, according to the International Energy Agency estimates, India will need investments worth nearly US$600 billion up to 2030. This provides ample opportunities for companies to invest in India across the hydrocarbon value chain.
- In March 2015, the Hon’ble Prime Minister in this same venue set the target of decreasing our oil import dependence by 10% by 2022 when India celebrates its 75th year of independence. After doing the ground work, we are now confident that we can achieve this.
- PETROTECH this year will also witness participation of key Indian Cabinet Ministers and Chief Ministers of states who will provide their 360 degree perspective. Every new edition of PETROTECH tells a new story of rising India. It is pertinent that this year the tagline for the event is “Energy is Here”.
@ Petrotech 2016
- This edition of PETROTECH is the largest ever in terms of participation of above 6,500 delegates including 20 Minister level representatives, Heads of International Oil Organizations, CEOs and Experts. I welcome the Ministers from Afghanistan, Bangladesh, Bhutan, Brazil, Cyprus, Chad, Colombia, Cameroon, Qatar, Iraq, Mauritius, Nepal, Nigeria, Sri Lanka, Sudan, South Sudan, Uganda along with the Secretary General of OPEC, Secretary General of International Energy Forum and President of the International Gas Union.
- The Petrotech 2016 Exhibition has nearly 700 exhibitors from over 50 countries showcasing the latest technology offerings from leading Indian and foreign companies.
Currently, Writing a Book for Penguin India Titled Greased Pole:How Politics and Lobbying Stifled India's Energy Dreams. The author can be reached on email@example.com (9810661825)
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