Oil suppliers must make earnest efforts for a responsible & reasonable pricing: Petroleum Minister
Updated: Nov 10, 2015 03:41:43pm
New Delhi, Nov 10 (KNN) The oil suppliers must make earnest efforts for a responsible and reasonable pricing which will be sustainable, said Petroleum Minister Dharmendra Pradhan.
“I believe that an opportune time has now come when this ‘energy poverty’ must give way to ‘energy justice’,” he said at the Plenary Session of 6th Asian Ministerial Energy Roundtable held in Doha.
Pradhan said the demand for energy is invariably price sensitive in the domestic market of developing Asian country like India.
“Then, there is the issue of equitable access to affordable energy; only then can the growth be termed as truly inclusive. Unfortunately, a vast cross-section of India’s population still does not have access to energy simply on account of lack of purchasing power. I understand there are other Asian importing countries similarly placed,” he said.
He added that people and policy makers in a developing economy like India find it unjust and unacceptable that reliable and large importers like India pay higher for crude import than the developed Western economies.
In a more reasonable market, it should be the other way round and India should be getting an ‘Asian Dividend’. This has been the primary reason why the Government is compelled to look at far off continents for sources of energy, he said.
The minister noted that the buyer-seller relationship between the large buyers and large sellers needs to be transformed to energy partnerships.
They should link their hydrocarbon economies by developing mutual investment linkages. I have been advocating this with individual countries since assuming office. This will lead to a more stable oil market, he said.
On renewable energy, he said that solar power could be as competitive as, if not more competitive than, liquid-fuel based power should probably act as an incentive for both crude suppliers and importers to move towards a responsible and reasonable pricing.
He also invited companies of OPEC member countries to invest in India’s oil and gas sector including upstream E&P, gas and LNG infrastructure, refining, fuel retailing and marketing, strategic reserves and oil field services.
“Within next 4 months, we will auction about 67 proven marginal fields in India. I would welcome your investment in it,” he said.
The minister also said that Indian public and private sector companies are also willing to invest in the entire value chain of oil and gas in these countries. (KNN Bureau)
“I believe that an opportune time has now come when this ‘energy poverty’ must give way to ‘energy justice’,” he said at the Plenary Session of 6th Asian Ministerial Energy Roundtable held in Doha.
Pradhan said the demand for energy is invariably price sensitive in the domestic market of developing Asian country like India.
“Then, there is the issue of equitable access to affordable energy; only then can the growth be termed as truly inclusive. Unfortunately, a vast cross-section of India’s population still does not have access to energy simply on account of lack of purchasing power. I understand there are other Asian importing countries similarly placed,” he said.
He added that people and policy makers in a developing economy like India find it unjust and unacceptable that reliable and large importers like India pay higher for crude import than the developed Western economies.
In a more reasonable market, it should be the other way round and India should be getting an ‘Asian Dividend’. This has been the primary reason why the Government is compelled to look at far off continents for sources of energy, he said.
The minister noted that the buyer-seller relationship between the large buyers and large sellers needs to be transformed to energy partnerships.
They should link their hydrocarbon economies by developing mutual investment linkages. I have been advocating this with individual countries since assuming office. This will lead to a more stable oil market, he said.
On renewable energy, he said that solar power could be as competitive as, if not more competitive than, liquid-fuel based power should probably act as an incentive for both crude suppliers and importers to move towards a responsible and reasonable pricing.
He also invited companies of OPEC member countries to invest in India’s oil and gas sector including upstream E&P, gas and LNG infrastructure, refining, fuel retailing and marketing, strategic reserves and oil field services.
“Within next 4 months, we will auction about 67 proven marginal fields in India. I would welcome your investment in it,” he said.
The minister also said that Indian public and private sector companies are also willing to invest in the entire value chain of oil and gas in these countries. (KNN Bureau)
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