Seeking to provide affordable energy to the Indian consumers, the government has introduced transparent policies through the deregulated market for global players to invest in refineries and petrochemical plants, Oil and Petroleum Minister Dharmendra Pradhan said in Singapore on Friday. Launching a road show which offers 67 discovered small fields, clustered into 46 contract areas, for production and supply of oil and gas to the Indian market, he said India is seeking global investors for its energy sector to create competition in the domestic market with the main objective of providing competitively priced products to the consumers.
“Consumers are the kings in India. We want to provide affordable energy to our consumers,” Pradhan said, stressing that participation by big energy players like Saudi Aramco, Shell, British Petroleum, Rosneft among others is important for developing and industrialising the energy sector in India.
He was confident of attracting global investors, saying international energy companies were eyeing the Indian market, which has the fastest energy demand growth in the world. “Rosneft (for one) is eyeing Indian market,” Pradhan said, pointing to the Russian energy group’s ongoing negotiations with India’s Essar Group for participating in the refining sector.
“When we are talking about free and transparent policies, we have to open our market. Consciously, we have deregulated our market and we are giving gradually price and marketing freedom to the investors,” he told reporters after launching a Road Show on India’s discovered small fields.
India has introduced transparent policies through the deregulated market for international investors to invest in refineries and petrochemical plants. This would help provide affordable energy to the Indian consumers, Pradhan said. He has brought a delegation of senior ministry officials and chief executives of corporations in India to see how Singapore had developed the Jurong Petrochemical complex among other energy facilities.
A delegation comprising senior oil ministry officials and chief executives of corporations is here to see how Singapore has developed the Jurong Petrochemical complex. Its objectives are to develop deeper relationships with companies in Singapore.
“Singapore and India can jointly partner for the mutual growth (and benefits),” Pradhan said. The road show offers 67 discovered small fields, clustered into 46 contract areas, for production and supply of oil and gas to the Indian market.
Pradhan assured full support to international oil and gas companies and called for innovation and technologies to exploit the proven 625 million barrels of oil and oil equivalent gas deposits.
“Our focus is on simplifying policies and improving the environment for ease of doing business in the country,” Pradhan said, adding it is time for investors to capitalise on the oil and gas resources being offered by India. Elaborating on incentives, he said there will be no cess and import tax on machinery for developing these fields.
Pradhan said India has started paying all dues for Iranian crude imports through European banks. “We are paying Iran for the oil. Recently, we have taken (imported) a sizeable amount of crude oil – there is no payment problem with Iran,” he said. Asked if there would be an increase in Iranian crude import volume, Pradhan said, “I need a good price for crude and whoever can give good price, I will take from them”.