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07 December, 2016

Prime Minister Narendra Modi on Monday inaugurated the PETROTECH-2016 main conference at Pragati Maidan in New Delhi.

The Petrotech -2016 Exhibition is one of the biggest oil & gas exhibitions held with participation of almost 600 exhibitors from over 50 countries covering 15,000 square metres of exhibition area.

Asking national oil companies in the upstream sector and oil marketing companies (OMCs) to become multi-national by expanding their horizons globally, Modi said India's vision is for creating energy corridors to the Middle-East, Central Asia and South Asia.

India, he said, is the world's fastest-growing large economy today and is expected to grow five-fold by 2040.

The theme of the conference is aptly selected as- Hydrocarbon Fuel the Future - Choice and Challenges. "I hope that our oil and gas sector companies will take the opportunity to tie up with their foreign counterparts to explore for more equity oil", he said, adding that our constant efforts have improved India's ranking in ease of doing business.

During his address, the Minister noted that Government of India is preparing a holistic framework so as to cut our dependence on fossil fuel imports and to become self-reliant in the oil and natural gas sector.

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Highlighting the achievements of the Pradhan Mantri Ujjwala Yojana scheme, he said that more than $ 1.2 billion has been allotted. Energy sustainability is something India does out of commitment, not out of compulsion. "While the global economy is going through a period of uncertainty, India has shown tremendous resilience", he said.

The Prime Minister also said hydrocarbons will continue to play an important part in India's growth, but the country needs energy that is accessible to the poor as also efficiency in use and energy security.

Besides PETROTECH, International Energy Forum and International Gas Union Ministerial Conference are also being organized simultaneously, showcasing India's priority to move towards a gas based economy.

The Modi government is committed to provide reliable and affordable energy, in a time bound manner, to a large proportion of India's population which still does not have access to energy, Pradhan said.

"Transport infrastructure is also expected to increase manifold".

With non-OPEC countries also agreeing to a production cut of 0.6 million barrels per day, oil prices regained the psychological $50 a barrel level, while "speculation is rife that it might go up even further", Pradhan said. In terms of its licensing and exploration policy, India offers 100% FDI for investment in the hunt for oil with its HELP, Hydrocarbon Exploration Licensing Policy. "This provides ample opportunities for companies to invest in India across the hydrocarbon value chain", he said.

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