The Indian Express (Delhi Edition)
PM pushes Indian energy firms to become MNCS
PUSHING INDIAN energy companies to become multinationals, Prime Minister Narendra Modi on Monday outlined a vision for creating energy corridors to the Middleeast, Central Asia and South Asia, saying stable and reasonably-priced energy is key to economic development.
The world’s third-largest energy consumer needs to raise domestic oil and gas production to cut imports as also establish partnership with regional energy powerhouses, he said at the inaugural session of Petrotech conference here.
“Energy is a key driver of economic growth. Sustainable, stable and reasonably priced energy is essential for the fruits of economic development to reach the bottom of the pyramid,” he said. “On one hand, to meet demand, we need affordable and reliable sources of energy. On the other, we must be sensitive towards the environment.”
Modi said hydrocarbons will continue to play an important part in India’s growth, but the country needs energy that is accessible to the poor as also efficiency in use and energy security. “Energy in general and hydrocarbons in particular is an important part of my vision for India’s future,” he said adding that it rests on four pillars of energy access, efficiency, sustainability and security.
Stating that the country needs to increase domestic oil and gas out and cut import dependence, he said, “I have set a target to reduce import dependence by 10 per cent by 2022. This will have to be achieved during the period of increasing oil consumption.”
Hardselling a strong, investment-friendly policy framework, Modi said a new hydrocarbon exploration and production policy has been introduced to provide for uniform licence for exploration and production for all forms of hydrocarbons.