India's energy relations with Int. organisations strengthened under PM Modi leadership: Pradhan

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday said that India has strengthened its energy relationship with neighbouring countries as well as with International organisations under the leadership of Prime Minister Narendra Modi.

Delivering the inaugural address of Foundation for Public Awareness and Policy, Pradhan shared his views on Central Government's Oil Diplomacy and India's Energy Security stating: "Under the leadership of Prime Minister Modi, India has strengthened its energy relationship with neighbouring countries as well as with International organisations such as The Organisation of the Petroleum Exporting Countries (OPEC), International Energy Agency and World Economic Forum."

Praising the efforts of Prime Minister Modi in ensuring energy security of the country, Pradhan said, "Prime Minister Modi's vision is to work with national and international stakeholders across the entire value chain of the hydrocarbon sector to provide energy justice to each and every citizen of India. India's aim is to become a strong voice of consumers in influencing global energy markets for a balance and responsible price. The central government is also committed to ensuring energy security of our country and focusing on importing oil and gas at competitive prices."

The Union Minister further stressed on the country's sourcing of LNG contracts with Qatar, Russia and Australia. "We have diversified India's sourcing of LNG and crude to ensure uninterrupted supply of oil and gas at stable prices. The Prime Minister has played a stellar role in renegotiating Long-term LNG contracts with Qatar, Russia and Australia and importing crude and LNG cargoes from USA and Russia."

Highlighting the recent reforms and policy implemented by the government to make India an attractive investment destination, Pradhan asserted, "Policy reforms and ease of doing business are some factors which make India an attractive investment destination more so in the energy sector. Investments by Adnoc Group in Strategic Petroleum Reserve (SPR) will save India's Rs 3500 crore on the crude purchase.

"Strength of India's emerging oil diplomacy stems from the fact that dominant oil producers and the global energy market now acknowledges and works for the best interests of India," he added.

Pradhan also explained the energy vision of the central government that has helped 12 crore household in accessing clean cooking fuel. "From 1955 to 2014, clean cooking fuel was made available in 13 Crore household, while in last 4 years Modi Government has added 12 crore new consumers and I'm confident by March next year we will achieve 13 crore LPG consumer base," he said.