India wants to set up a gas exchange to promote alternative energy and fast-track oil import reduction.
Cutting down oil imports to around 67 per cent in the next five years, India plans to develop its own gas exchange to push consumption of alternative fuel – be it indigenous or imported – on the lines of America’s Henry Hub or the United Kingdom’s Balancing Point. To make up for the cuts in oil imports, the nation will have to make a concerted effort to transit to electricity and natural gas usage in all sectors.
Prime Minister Narendra Modi met heads of national and international oil and gas companies last week to attract investments to this end, armed with a presentation by the Niti Aayog – the nation’s official think tank - on India’s plans to move to alternative fuel. Though the Organisation of Petroleum Exporting Companies (OPEC) predicts that India’s oil consumption is likely to peak to 10.1 million barrels daily by 2040 – as against today’s four million barrels – New Delhi predicts a major peak as early as 2023/24, before the demand goes down.
Both OPEC and the International Energy Agency – IEA the oil buyers’ group — aren’t quite convinced that India can reduce oil imports. On the contrary, they predict a climb to over 90 per cent predicting that growth in freight movement, chemical manufacturing, aviation and industries will lead to a continued and enhanced demand for oil.
This story is from the November 05, 2017 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 05, 2017 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS