OIL & GAS

Dharmendra Pradhan invites OPEC member countries to invest in India

Petroleum and Natural Gas Minister Dharmendra Pradhan has invited OPEC member countries to invest in India, especially in the efforts to transform the country into a manufacturing hub which will be at the heart of the global value chain. The minister co-chaired the 4th high-level meeting of the India-OPEC Energy Dialogue yesterday along with Secretary-General of OPEC Secretariat Mohammad Sanusi Barkindo.

Talking to the virtual meeting, Mr. Pradhan urged OPEC countries to take a deep look at the rapidly changing global oil and gas sector due to COVID-19 and revisit the ongoing exchanges so that energy challenges, particularly in the oil sector, can be jointly addressed. He also reiterated Prime Minister Narendra Modi’s appeal of not letting a purely economic agenda define globalisation and also stressed on the need for a consumption-led energy demand recovery, oil price affordability for the long-term sustainability of crude oil markets and enhancing energy access.

Mr. Pradhan said he also conveyed his deep appreciation to OPEC, particularly Mr. Barkindo and to key producers of OPEC like Saudi Arabia and the UAE. They have stood by us during the turbulent CPVID-19 times by supplying additional quantities of LPG to support our domestic requirement, he added.

He expressed confidence that OPEC and India will continue working closely for mutual benefit and shared prosperity.

Mr. Barkindo appreciated the visionary leadership of the Prime Minister, the high bar set by India on addressing issues of climate change and also conveyed OPEC’s keenness to become a partner in India’s energy transition.

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