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'India energy sector to offer $300 bn opportunities in 10 yrs'

Press Trust of India  |  New Delhi 

will offer foreign investors USD 300 billion worth of investment opportunities in energy projects over the next decade, Minister Dharmendra Pradhan said today.

India, which over 80 per cent of its needs, wants to cut its on foreign by 10 per cent by 2022.

"In the next 10 years, will offer projects worth USD 300 billion" for investment, he said at the Energy Forum by CERAWeek here.

Pradhan said yesterday Prime Minister Modi with some of world's leading oil and gas industry leaders to exchange ideas on the energy sector in India.

"Lots of people told me that it's rare to find Igor Sechin of Rosneft, Ameen Nasser of (Saudi) Aramco and Bob Dudley of BP in one room.

"Many more global experts and investors gave their valuable input in this meeting and PM reiterated government's commitment to provide access of clean, affordable and sustainable energy to the section of population that still does not have access to it," he said.

In the last 40 months, the has undertaken several policy initiatives in the energy sector in line with Prime Minister's vision of energy access, efficiency, sustainability and security.

The is focusing on the growth of energy infrastructure, through new pipelines, LNG terminals, and offshore gas development projects.

Stating that security through diversity of energy sources is also being pursued, he said adding India is now importing crude from the US.

"We are looking for new business models to diversify our electricity generation by combining gas and renewables and energy storage.

"We will diversify our vehicle fleet and make it more efficient and cleaner through modern fuel specifications, Electric Vehicles, and other alternatives like CNG and LNG," he said.

Pradhan said the is focusing on increasing access to clean cooking fuel through the PM Ujjwala Yojana. In the last 15 months, free LPG connections have been provided to over 3 crore households.

Also, the government has set the target to electrify 4 crore un-electrified households in the next 15 months.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 20:57 IST