Strong Economic Partnerships, Vital For Global Energy Security : India

New Delhi, Oct 15, IRNA – India’s President, Pranab Mukherjee Monday said that strong economic partnerships will be vital for global energy security. Inaugurating the 10th International Oil and Gas Conference “PETROTECH-2012” at Vigyan Bhawan in New Delhi, Pranab underlined the need for building strong economic partnerships with other oil producing countries. “Special attention was required for development of research and emerging new technologies which are innovative and advanced, yet affordable,” he added. Mukherjee underlined that the Indian hydrocarbon sector must be equipped to responsibly deliver cleaner, more reliable and viable energy. He reiterated that such conferences enable professionals and technologists to keep abreast of the latest developments at the global level. Elaborating on the critical challenge of the growing energy demand in the country, Minister of Petroleum and Natural Gas, Jaipal Reddy said that India is now focused on incorporating the Triple Bottom Line philosophy of People, Planet and Profit into their business models. “The Government of India is working towards finding holistic solutions to the growing concern about environment and energy security in the country,” Reddy said. He stressed that we need to take initiatives to maximize the longevity of our existing assets and India has to realize its energy potential completely. The Indian minister also drew attention to all participating delegates and guests to the fact that hydrocarbon sector in India offers great opportunities for both Indian and International companies driven by factors such as under-explored sedimentary basins, unconventional hydrocarbon sources. A galaxy of dignitaries and ministers from foreign countries including Kenya, Russia, Republic of Mauritius and Seychelles gathered on the occasion. The theme of the conference, organized by Indian Oil Corporation under the aegis of Ministry of Petroleum and Natural Gas, is `Hydrocarbon and Beyond: Changing Landscape’. The PetroTech series of International Oil and Gas Conference and Exhibitions is a biennial platform for national and international experts in the oil & gas industry to exchange views and share knowledge, expertise and experiences. The conference is expected to attract over 4000 delegates from all over the world./end