Business Daily from THE HINDU group of publications
Thursday, Nov 02, 2006
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Business Daily from THE HINDU group of publications Thursday, Nov 02, 2006 ePaper |
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Industry & Economy
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Petroleum Deora calls for ties between oil producer, consumer nations Our Bureau
New Delhi , Nov. 1 The Minister for Petroleum & Natural Gas, Mr Murli Deora, has called upon the oil producer and consumer nations to forge enduring partnerships. Speaking at the Sixth Russian Oil And Gas Week (International Energy Week - Moscow Energy Dialogue) on the theme of `The Global Energy Problems & Energy Security', the Minister said, "Both producers and consumers must forge enduring partnerships for mutual growth." Referring to the robust growth in oil demand, especially in India, he clarified that oil scarcity was a myth. No shortage of oil has been experienced, the Minister said. He further said, "However, policy makers will not lose sight of the fact that the record energy prices were due to capacity constraints across the supply chain in areas of oil production, refining and logistics. There is a need for all of us to recognise the structural shortcomings in the supply chain and address them aggressively."
Mr Deora said India plans to double its refining capacity from the existing 2.7 million barrels per day over the next 5-6 years. "From a product importer, we have emerged as a major product exporter,'' he added. He invited the Russian companies to invest in the refining sector in India.
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