Hon’ble Prime Minister inaugurates 16th International Energy Forum
Emphasises on the need for responsible pricing and transparent & flexible markets
MoU for Ratnagiri Mega Refinery worth Rs 3 lakh crore signed
Hon’ble Prime Minister Shri Narendra Modi today inaugurated the 16th International Energy Forum Ministerial Meeting. Addressing the gathering of Energy Ministers from 42 producing and consuming nations, Heads of International Organisations and industry leaders, the Prime Minister said India will be the key driver of global energy demand in the next twenty-five years as its energy consumption will grow by four point two percent a year for the next twenty-five years. This is fastest among major world economies.
He also highlighted the transition in energy supply and consumption patterns around the world in recent times and the need for global cooperation in creating conditions for the world to grow as a whole.
The Prime Minister emphasised on the need for responsible pricing and transparent & flexible markets to ensure growth for both producers and consumers. He shared his vision for India’s energy future– energy access, energy efficiency, energy sustainability and energy security and also reiterated India’s commitment to combating climate change, curbing emissions and ensuring a sustainable future. He also shared the recent efforts of the Government of India to revamp up-stream and downstream policies, shift to latest technology and bring competitiveness in the sector.
Hon’ble Minister for Petroleum and Natural Gas & Skill Development and Entrepreneurship Shri Dharmendra Pradhan, in his speech, reiterated the need for synergy between producer & consumer countries to achieve sustainable development & broadening the prospect for inclusive growth. India being the 3rd largest energy consumer in the world, the need for improved producer-consumer cooperation to foster energy efficiency & productivity gains in energy supply chains was critical and would certainly help in further enhancing the global engagement of India in the energy domain.
The first day of the 16th IEF Ministerial Meeting saw discussions on issues ranging from the future of global energy security to sustainable and inclusive energy access; affordability. It also witnessed the signing of an MoU between the Indian consortium consisting of IOCL, HPCL and BPCL and Saudi Aramco for Ratnagiri Mega Refinery in Maharashtra. The strategic partnership will bring together crude supply, resources, technologies, experience and expertise of these multiple oil companies, with an established commercial presence around the world. This project, with an estimated investment of over Rs 3 lakh crores, will bring huge benefits to the region, in terms of large scale employment generation, direct and indirect as well as all round economic development.
On the sidelines of the event, the Hon’ble Minister for Petroleum and Natural Gas & Skill Development and Entrepreneurship, held bilateral meetings with visiting Ministers and discussed issues of mutual interest in the oil and gas sector.
