The Oil Minister of India, Dharmendra Pradhan said that India is planning to offer opportunities for investment of about 300 Billion Dollars in the Hydrocarbon sector in the coming ten years. This statement has been given because the energy demand of the country is growing at an alarming pace day by day.
He said that a committee of experts is going to be set up by the government so that they can advise the government on the various issues related to the energy requirements of the country.
A proposal for the Cabinet is also being finalized for some sort of gas platform that has prices that are driven by the market. Pradhan’s statement was recorded in an interaction with the media at IndiaEnergyForum that was organized by CERAWeek.
The CEO of NITI Aayog, Amitabh Kant had commented recently that there could be a 1 Trillion USD investment in the oil sector in the next five years and Aramco is planning to invest another 300 Billion USD in India. Pradhan clarified the comment and said that it was a miscommunication. Aramco has plans of investing 300 Billion USD but in their own infrastructure around the world and not in India.
When he was talking about the platform for gas that would provide a mechanism of marketing for gas segment, he said that pretty soon, the government is going to come up with a platform for gas exchange. The contentious issue in the gas sector, according to him, is Foreign Direct Investment.
The existing gas pooling formula for various sectors is going to exist even after the exchange is operational as some priority sectors are available in this segment and India plans to slowly move into a the concept of gas price that is market driven, he further added to his statement.
The group of experts is going to advice the government on a daily basis and would play an advisory role.