India to see $100 billion energy investment by 2024: Dharmendra Pradhan
India will see an investment in oil refining, pipelines, city gas distribution networks, and LNG terminals
India will see a massive $100 billion investment in creating oil and gas infrastructure over the next five years as the world's third-largest energy consumer steps up spending to meet rising demand, petroleum minister Dharmendra Pradhan said.
Speaking at KPMG's Enrich 2019 conference, he said India will chart its own course of energy transition in a responsible manner even as it is said to be a key driver of global energy demand in the coming decades.
"India will see an investment of $100 billion by 2024 in oil refining, pipelines, city gas distribution networks, and LNG terminals," he said.
Of this, $60 billion will flow into the creation of gas infrastructures such as pipelines, city gas networks, and import terminals, he said.
He said the country wants more foreign investment inflow into upstream oil and gas exploration and production as well as downstream fuel marketing and petrochemicals.
India will secure capital, world-class technology and implement any policy reforms needed to become an international energy leader, he said. "India wants to be the new destination for global energy players."
Several reforms including opening up of fuel retailing to non-oil companies and overhaul of exploration licensing policy are aimed at attracting investments, he said.
India is the third-largest energy consumer in the world in absolute terms after the US and China. However, per capita energy consumption in India is only about one-third of the world's average.
"This makes it imperative to ensure energy justice to all, which essentially means access to energy in an affordable and sustainable manner," he said.
Given its huge energy appetite and growth potential, India will be the key driver of global energy demand in the coming decades, he said.
No single source can meet the energy demand, he said. "India will chart its own course of the energy transition in a responsible manner and would greatly influence global energy transition," he said.