PM : Need for responsible pricing
and transparent, flexible markets

16th International Energy Forum

MoU for Ratnagiri Mega Refinery worth Rs 3 lakh crore signed

Driving to The Springs, Costa Rica The Prime Minister of India, Mr Narendra Modi with the IEF Energy Ministers at the inaugural session of the 16th International Energy Forum Ministerial Meeting at New Delhi.

Thesynergyonline Energy Bureau

PM's inaugural address :

NEW DELHI, APRIL 11 : The Prime Minister Mr Narendra Modi on Wednesday 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.

There is the need for responsible pricing and transparent and flexible markets to ensure growth for both producers and consumers. India is committed to combating climate change, curbing emissions and ensuring a sustainable future." Mr Narendra, Modi, Prime Minister of India

He shared his vision for India's energy future– energy access, energy efficiency, energy sustainability and energy security.

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.

There is the need for synergy between producer and 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 and 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 Minister for Petroleum and Natural Gas & Skill Development and Entrepreneurship, Mr Dharmendra Pradhan

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 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.