STOCK MARKET BSE NSE

Nation to be energy sufficient by 2030: Moily

The nation would become self-sufficient in energy by 2030, said Union Minister for Petroleum and Natural Gas M Veerappa Moily.

Published: 08th January 2013 01:15 PM  |   Last Updated: 08th January 2013 01:15 PM   |  A+A-

The nation would become self-sufficient in energy by 2030, said Union Minister for Petroleum and Natural Gas M Veerappa Moily. He was speaking at the foundation stone laying ceremony of the Integrated Refinery Expansion Project (IREP) here on Monday. The new gas policy is aimed at achieving self-sufficiency, he said.

“The policy would be carried out in a phased manner. By the end of the first phase, comprising 6 years, there will be a 50 per cent reduction in the import of gas. Then there would be another phase,” he said. According to the assessment of international agencies, there would be an estimated investment of 600 billion dollars in the energy sector in 20 years.

 Moily also stressed on the significance of environment-friendly energy resources like LNG. On the completion of the IREP, the capacity of the refinery would increase from 9.5 to 15.5 million metric tonnes per annum.

The project is expected to contribute towards energy security by enhancing the supply of valuable petroleum fuels. The expansion project, with an investment of `20,000 crore, will have a multiplier effect. By 2017, a total of 31,757 kms of gas pipelines would be laid throughout the country. The GAIL pipeline network between Kochi and Mangalore would open up great avenues for the development of industries, he added.

Earlier, Prime Minister had pointed out that with a refining capacity of 215 million metric tonnes per annum, India would not only be self-sufficient in petroleum products, but also make substantial exports.  During 2011-12, the country exported 60.8 million metric tons of petroleum products worth Rs 2.85 lakh crore, resulting in petroleum products becoming the single largest export merchandise.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp