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India on its way to becoming global energy superpower, says Petroleum Minister Puri

The country is still largely reliant on fossil fuels and its energy demand is expected to grow faster than any other country over the next few years as the economy continues to grow to meet the aspirations of 1.39 billion people for faster development

India on its way to becoming global energy superpower, says Petroleum Minister Puri

New Delhi, April 14 - Neftegaz.RU. Indiais on its way to become a global energy superpower in terms of consumption and production, said Union Minister for Petroleum & Natural Gas Hardeep Singh Puri.

Addressing the passing-out students of Pandit Deendayal Energy University, Puri said though India had the resources, exploration and production of fossil fuel and gases remain stagnant.
He said:
  • You are entering your professional life at a time when India is well on its way to become a global energy superpower
  • India will be the energy superpower of the world by the time we will be a $10 trillion economy in 2030
  • Global energy superpower means we will set the pace for global consumption, becoming a significant producer by way of exploration and production of different sources of energy
For Prime Minister Narendra Modi, energy is the priority area, mainly because 85 % of India's crude and 55 % gas requirement are met through imports, and there was a need to switch to green energy.
India's per capita fuel consumption is 3 times the global per capita consumption.

Puri said Modi has set a target of 20 % biofuel or ethanol blending by 2025, adding that 20 % blended fuel will be made available in small quantities from April 1, 2023.

India's LNG regasification capacity has gone up from 21 million metric tonnes per annum (MMTPA) in 2014 to 42 MMTPA now, while the aim was to increase the country's overall LNG regasification capacity to 62.5 MMTPA in the next few years.
Puri said:
  • India's refining capacity has increased from 214 MMTPA to 250 MMTPA, and we have set a target of reaching 400 MMTPA in the next few years
  • Similarly, we aim to increase the gas pipeline network from 18,500 km to 32,000 km in the next 5 years

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