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India Looks at Strategic Partnership with Oil Producers

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Prime Minister Narendra Modi
Prime Minister Narendra Modi at his three-hour long meeting here with chief executives of top global and Indian companies. ians
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New Delhi, Oct 9: India is looking to upgrade its relationship with producing countries to a strategic one, instead of mere buyer-seller, Petroleum Minister Dharmendra Pradhan said on Monday.

This was the message of Prime Minister Narendra Modi at his three-hour long meeting here with chief executives of top global and Indian companies, including British major BP, Russia’s Rosneft, Saudi Aramco and Reliance Industries, on ways to revive investment in oil and gas exploration and production.

“The Prime Minister laid out to leading companies like BP, Shell, Rosneft, Exxon Mobil as to what should be the energy economy of India,” Pradhan told reporters here on the sidelines of the CERAWEEK India Energy Forum organised by IHS Markit.

“The Prime Minister emphasised the need to move the engagement to a strategic partnership, going beyond the buyer-seller relationship,” he said, adding that “all major producers, Saudi Arabia, Russia, the US, all have recognised the massive scale of India’s energy engagement”.

According to a statement, from the Prime Minister’s Office, Modi said there is a need to develop energy infrastructure and provide access to energy in eastern India as the status of the energy sector in India was highly uneven.

CEOs and top officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, World Bank, and International Energy Agency were present at the meeting.

Pradhan, Power Minister R.K. Singh, and senior officials from NITI Aayog and Prime Minister’s Office, as well as the Petroleum and Finance Ministries were also present in the meeting.

Addressing the conference, Pradhan said that with India now being well integrated into the global oil economy, she was naturally impacted by geopolitical developments.

“Recently, when retail fuel prices went up in India, there was a hue and cry in the street,” he said of the time last month when petrol prices in Mumbai went over Rs 79 a litre due to a rise in international rates.

“We therefore need to know and keep abreast of what is happening in the industry worldwide… about OPEC and output cuts, about Russia, shale in the US, trends in LNG market,” he added.

As proof of the upgraded energy relationship with Saudi Arabia, Pradhan noted the opening of Saudi state-run oil giant Aramco’s India office in Gurugram on Sunday that was jointly inaugurated by him and Aramco CEO Amin Nasser.

“Aramco investment in India will increase..they are in talks with possible partners here,” Pradhan said.

Saudi Aramco, which established its business presence in India last year, has formed an Indian subsidiry that will engage in crude oil and LPG marketing, engineering and technical services, and other business development activities.

“Aramco India intends to partner with Indian companies and set up integrated business ventures in the hydrocarbon value chain in India,” the Petroleum Ministry said.

According to the PMO, Modi thanked Russian President Vladimir Putin, and Rosneft, for their commitments and support to the energy sector in India. He also appreciated the 2030 vision document of the Kingdom of Saudi Arabia.(IANS)

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PM Narendra Modi: Government bringing Stringent Consumer Protection Law

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Prime Minister Modi
Prime Minister Narendra Modi during a speech. IANS

New Delhi, October 26: Prime Minister Narendra Modi on Thursday said the government was in the process of enacting stringent legislation aimed at protecting consumers along with setting up a Consumer Protection Authority (CPA).

“Consumers’ protection is this government’s priority. We are in the process to bring a new law on consumer protection keeping in mind the need of the country and business practices here,” Modi said at an International Conference on Consumer Protection for East, South and South-East Asian Countries.

“We are in the process of forming a Consumer Protection Authority, which will have executive powers, for immediate redressal.”

The rules were being streamlined to solve consumer problems in less time and at less cost, he added.

“The stress is being given on consumer empowerment. Strict provisions are being contemplated against misleading advertisements,” Modi said.

He said India was among the few countries which had enacted a law a year after the UN adopted guidelines on consumer protection in 1986.

The Prime Minister also said the prices of commodities were set to go down and consumer protection for their interest effects due to the implementation of the Goods and Services Tax (GST).

Due to the GST, the competition among companies was going to increase. So prices will go down. It will help consumers from lower middle class and poor sections,” Modi said.

“Earlier, transportation by trucks would take five days but it has come down to just three three days now as checkposts on borders have vanished after the GST. It means transportation cost has gone down. This is going to be transferred to consumers,”

Taking a dig at those opposed to the GST, he said: “Some people may be taking advantage of the lack of awareness. However, the benefits will be transferred (to consumers) in days to come.”

Talking about the conference, Modi said: “It shows how seriously we take the needs of our citizens and how we strive hard to solve their problems”.

“It is the first conference in the region, where everyone is trying in their own ways to save the interest of consumers. However, we have to keep in mind that the world is going towards a single market,” Modi said.(IANS)