India to invest USD 60 billion in the fuel gas sector

New Delhi: India will be investing $ 60 billion in the fuel gas sector by the year 2030. Minister for Petroleum, Shri. Dharmendra Pradhan made this announcement. The Petroleum Minister said that the amount will be invested in the facilities connected with Fuel Gas and other sectors. The Fuel Gas networks currently supplying gas in the cities, will cover 70% of the country’s population. Dharmendra Pradhan was speaking at the International Think Tank (ITT) conference organised in New Delhi.

Dharmendra-PradhanIndia has been trying to develop an economy based on the Fuel Gas. The government has prioritised development of infrastructural facilities required for the purpose. The reason being that the Carbon emissions are reduced with the use of Fuel Gas. Therefore, India is promoting the use of this environment friendly fuel. Dharmendra Pradhan said that India is preparing to connect the entire country from north to south and from east to west, with Fuel Gas networks.

Currently, India is a huge importer of crude oil. However, India is taking rapid steps to reduce dependence on this fuel. The Petroleum Minister informed that India will invest a whopping $ 60 billion, by the year 2030, to promote and increase the use of Fuel Gas. At the same time, the Petroleum Minister also pointed to the challenges faced by the global oil sector. The Gulf countries exporting oil are grappling with instability. Furthermore, the situation in the Strait of Hormuz, through which the maximum oil is transported is festering by the day. Dharmendra Pradhan also pointed out the anarchy in Venezuela which is one of the major oil exporters. At the same time, the Petroleum Minister clarified that the raging trade war between the United States and China is affecting the demand and supply of fuels.

India increased its crude oil imports from Russia and Nigeria, following the US sanctions against Iran. Pradhan said that this secured the Indian oil supply. But Pradhan indicated that India will have to make more organised efforts for its fuel security in the future and said that the government was fully aware of the situation. This seems to be the reason behind the huge investments being made in the Fuel Gas Sector.

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