Oil Minister Puri meets PSU oil cos, bats for energy security fund
This story was originally published at 15:07 IST on 20 July 2024
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NEW DELHI – In a meeting with heads of public sector oil companies and top officials, Petroleum and Natural Gas Minister Hardeep Singh Puri spoke about developing an energy security fund "which is crucial for keeping our oil companies relevant in the future." In a post on microblogging site X, Puri said India's energy mix for 2040 was also strategised in the meeting.
"As per different global outlooks and Petroleum Planning and Analysis Cell's transition scenario, India's compounded annual growth rate from 2022 to 2040 is estimated at 3% with the share of oil in total primary energy to be 41% in 2040," he wrote. "The integration of refineries and petrochemicals into an oil-to-chemical model is the way forward for our industry. This will not only enhance efficiency but also create new opportunities," he added.
This meeting is part of the day-long deliberations that the minister will hold with the sector leaders to discuss refinery and petrochemical integration, gas-based economy, critical mineral exploration, ethanol-blending, contracting challenges and shipping capabilities.
To reduce dependence on crude oil, the government had set a target of achieving 15% blending of ethanol with petrol in 2023-24 (Apr-Mar), 18% this year, and 20% in 2025-26. To achieve the 15% blending aim, India needs about 8.25 bln ltr of ethanol.
The meeting with government-backed oil companies included heads of Indian Oil Corp of India, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd, and Oil and Natural Gas Corp of India. End
Reported by Priyasmita Dutta
Edited by Ashish Shirke
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