PM Modi meets Global Oil and Gas experts makes a strong case to reduce energy cost
PM Modi meets Global Oil and Gas experts makes a strong case to reduce energy cost
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Amid razing crude oil prices globally, CEOs and Experts from the Oil and Gas sector, from both India and abroad, met Prime Minister Narendra Modi today. Union Ministers Arun Jaitley and Dharmendra Pradhan, Vice-Chairman NITI Aayog Dr. Rajiv Kumar were also present at the interaction.

PM Modi highlighted that consuming countries, due to increase in crude oil prices, face many other economic challenges including serious resource crunch.  Cooperation of oil producing countries would be very decisive to bridge this gap.

Prime Minister Modi also noted that the oil market is producer driven and both the quantity and prices are determined by the oil producing countries. Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices.

Meanwhile Union Minister Dharmendra Pradhan at India Energy Forum in the national capital New Delhi asserted that Energy today is a global industry & oil is truly a global commodity, Hence our engagements with global energy community has to be continuous to address the challenges of transition in energy for a secured energy future.

Global CEOs and Experts appreciated steps taken by Government over last 4 years, for ease of doing business&specifically in energy sector in India. Experts made special mention of India’s competitive ranking from upstream investment point of view which has gone up from 56 to 44ANI added,

 

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