The Ministry of Oil and Pure Fuel (MoPNG) held a day-long strategising session in Bangaluru on Saturday, holding deliberations with prime ministry and CPSU officers on India’s power combine for 2040.
“Began the day with an interesting dialogue with prime officers of oil sector PSUs & @PetroleumMin on strategizing India’s power combine for 2040 and creating an power safety fund that are essential for retaining our oil firms related sooner or later. These discussions will present the best way ahead to India’s journey in the direction of power sufficiency below the management of PM @narendramodi Ji & put together our power sector for the longer term,” Puri tweeted on X.
In accordance with completely different world outlooks and PPAC’s transition situation, India’s CAGR development from 2022 to 2040 is estimated at 3 per cent, with the share of oil in complete Major Vitality at 41 per cent in 2040. The mixing of refineries and petrochemicals into an oil-to-chemical mannequin is the best way ahead for the trade. This won’t solely improve effectivity but additionally create new alternatives, he added.
The Minister didn’t present any particulars on the fund or how it will likely be utilised. Nonetheless, sources stated that the fund may very well be used to amass oil and fuel belongings in international international locations.
Uncommon earth minerals
The CPSUs below the cost of MoPNG will now discover uncommon earth minerals.
The Minister emphasised that oil and fuel firms have the prowess to extract and refine pure assets as demand for renewable power and battery storage intensifies.
“We will even assess the necessity to purchase uncommon earth minerals. Mentioned the sources, worth chain, home and worldwide reserves and the best way ahead for our oil firms to interact in mining of uncommon earth minerals in our brainstorming session right now,” he added.
Fuel-based financial system
Puri famous that India’s pure fuel consumption has risen steadily to 187 million normal cubic meters per day (MSCMD) in FY24 from 137 MSCMD in FY15.
“Beneath the visionary management of PM @narendramodi Ji, we’re exploring new pathways and initiatives to maneuver in the direction of a cleaner, greener, extra inexpensive gasoline, pure fuel. In our brainstorming session, we mentioned key drivers of world LNG demand, forecasts of LNG transport, LNG terminals demand evaluation and key coverage drivers essential to push the transition,” he added.
Many states akin to Assam, Andhra Pradesh, Maharashtra and others have taken the progressive and visionary step to cut back VAT on pure fuel, the minister stated, including that he hopes that extra states will cut back VAT on pure fuel as it should assist in motion in the direction of a gas-based financial system.
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