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India's federal Oil Minister Dharmendra Pradhan said that revival of 25 GW worth stranded gas power plants can push consumption of the fuel and transform the nation into a gas-based economy.
"We taking country towards a gas-based economy,” Pradhan told reporters on the sidelines of the India Energy Forum in New Delhi.
The minister said that gas constitutes 24 percent of the global energy basket. In the state of Gujarat, it contributes 26 percent. “We want to replicate this success story (in other states),” he said. The government had brought in a Rs 7,500-crore Power System Development Fund scheme for revival of distressed gas- based capacities of over 24 GW for two years till March 2017. The scheme was not continued further.
About Saudi Aramco, which has opened its India office, the minister said that there are joint ventures of three companies with Saudi Aramco and they will work more closely in future. Pradhan also said that Aramco has “categorically specified” that their investment would increase in India.
Earlier addressing the conference, the oil minister said that India will remain one of the fastest growing energy markets in the world in the coming two decades. “Both on account of increasing access and better life styles, there will be growth in per capita energy consumption,” he said. “We will be an influential buyer in the global energy market,” added Pradhan.
The minister also said the India wants to know about what is happening to the Organization of the Petroleum Exporting Countries cut agreements, trends in production from big non-OPEC producers such as Russia, and shale gas output in the U.S. as these situations would have impact on oil prices and subsequently on fiscal deficit and economy.