New Delhi: The Minister of Petroleum and Natural Gas, Dharmendra Pradhan said on Thursday that India and Africa should collaborate in the energy field for development and a brighter future for the people of India and Africa.
In his inaugural address during 2-day India-Africa Hydrocarbons Conference in Delhi, he said, “The global situation makes our collaboration more critical. The fourth India-Africa Hydrocarbons Conference looks to align and initiate future collaborations between India and Africa in hydrocarbons.”
25 African Nations have been invited for the Conference where 9 of them are represented by their ministers.
Pradhan expressed the hope that India would be a better partner for Africa as Africa plays an important part in India’s energy security, informing that India is importing around 18-20 percent of its oil needs from Africa, including 32 Million Metric Tons of crude oil last year.
The minister said “India is keen to diversify its energy sources,’’ adding that India is importing nearly 78 percent of its crude oil and 35 percent of natural gas requirements.
As a matter of policy, India imports two-thirds of crude oil from Africa while exports third of India’s exports to Africa.
“The compound annual growth rate of India’s hydrocarbons’ consumption has been at 7 per cent while the world average is on this count is only at 3 per cent,” Pradhan said.
He said that Indian state-run have invested in acquiring hydrocarbons in countries like Sudan, South Sudan, Mozambique, Goban and Egypt of Africa.
Petroleum Secretory KD Tripathi said earlier that it is an opportune time for global oil prices between importers and exporters from India and Africa. (IANS) (picture courtesy: orissadiary.com)