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President Pranab Mukherjee today spoke like a finance man, and said, “In the present international environment of rising petroleum prices, greater alignment of prices to global prices is in the interest of both consumers as well as investors.”
In his inaugural address of Petrotech 2012 here, he said, “The Government of India is committed to adopt a timebound programme to achieve this. I expect the industry to play a helpful role in achieving the Government’s objectives.”
He added that there must be increased understanding of the fact that the path to a more sustainable future will require our society to make a better balance between its energy consumption vis-a-vis its cost and availability.
The President also said that the Government is working towards extending fiscal incentives similar to those provided for exploration of oil to all forms of natural gas exploration and exploitation.
“The Government is also currently extending full support to companies acquiring overseas oil and gas assets and imports of LNG. It would in this context, be necessary to accord due priority to the development of a countrywide gas pipeline transportation infrastructure.”
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