NEW DELHI: Petroleum minister Dharmendra Pradhan has asked oil producing nations to price crude oil at “reasonable” levels to ensure availability of fuel to Indians at affordable rates. Giving the example of India, he also wooed the global oil majors to invest in India stating that the energy consumption is expected to almost double by 2035.
Pradhan on Wednesday held bilateral talks with Turkish Energy Minister Berat Albayrak, where both agreed to work on projects in areas like exploration and production and downstream sectors. Addressing a plenary session on ‘Supply and Demand Challenges for Oil, Gas and Products’ at the 22nd World Petroleum Congress in Istanbul, he pointed out that the rising middle class will drive the demand for energy both in terms of electricity and transportation fuel.
He added that the swift rise in incomes has led to a spurt in demand for petrochemicals, which is the raw materials for several of the lifestyle products. “We have opened up 2.8 million square km of area for your investment… you will receive a red carpet welcome if you decide to invest in it,” Pradhan said.
He stressed that demand
security is equally important for producers as the security of supplies is an important factor for consumers. As per estimates, India is poised to account for one-fourth of the incremental global energy demand between 2013 and 2040.