Energy sector has $500 bn investment potential: PM

Prime Minister (PM) Narendra Modi on Tuesday said the country’s energy sector presents a $500 billion investment opportunity.

- SHUBHANGI MATHUR

Addressing the India Energy Week (IEW) through videoconferencing in the inaugural session of the event, Modi said India was on path to develop a robust energy ecosystem, which will not just meet future domestic demand but also promote exports. He said the government has introduced significant energy policy changes recently to support growth and investment.

India aims to raise investments in the oil and gas sector to $100 billion by the end of the decade, with a target of expanding the scope of exploration to 1 million square kilometres (sq km), Modi said.

On the refining front, the PM said India would soon become the largest country in terms of refining capacity, which is bound to rise beyond 300 million tonnes per annum (mtpa) from the current 260 mtpa.

Speaking at the same event, UAE Minister of Industry and Advanced Technology Sultan Al Jaber, who is also the managing director (MD) and group chief executive officer (CEO) of ADNOC, said his country would remain a reliable source of energy to India. “As India’s refining demand grows, ADNOC will remain a trusted, dependable crude supplier. India is ADNOC’s number one LNG (liquefied natural gas) market, ADNOC is India’s largest LPG (liquefied petroleum gas) supplier, and it continues to supply feedstocks and chemicals,” he said.