PM To Meet CEOs Of Oil Companies To Increase Investment In Oil Sector – ZMR Blog
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PM To Meet CEOs Of Oil Companies To Increase Investment In Oil Sector

PM To Meet CEOs Of Oil Companies To Increase Investment In Oil Sector

Prime Minister Narendra Modi will take high-level meetings with Rosneft, Saudi Aramco, Reliance Industries, and Ken India along with many foreign and Indian CEOs of the companies. The government wants to increase the investment in the energy sector.

Rosneft’s CEO Igor Sechin, BP’s CEO Bob Dudley, Saudi Aramco’s CEO Amin H. Naseer, Reliance Industries Chairman and Managing Director Mukesh Ambani, Ken India Chairman Anil Agarwal, ExxonMobil’s President Rob Franklin and Chairman of Government Oil Firms will be meeting together. It has been initiated by the Policy Commission.

Investor’s attitude is expected to change in this sector after the meeting and BP and Reliance may announce a $6 Billion investment to develop Deep Sea gas field. Saudi Aramco may also show interest in investing in India. The world’s largest oil export company has also officially launched its official workplace in Gurgaon on Sunday. Petroleum Minister Dharmendra Pradhan and Aramco’s CEO Amin Naseer launched the company’s office. Pradhan said, “This move of the company is to take the relationship between buyer and supplier in hydrocarbon sector to the level of strategic participation of the two countries. The company is also planning to bring in a senior executive in India from China.

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India’s energy consumption is expected to increase. Experts say that the demand for natural gas will increase with India’s rapid growth in wind energy and solar generation. Officials say, “There are big opportunities in Indian oil and gas sector.” Stipulation for oilfield services and equipment, specifically in deep-sea-rich South Eastern coast will be prepared by Deep Sea’s development through Reliance and state-owned ONGC. The government’s plan is to seek the help of the private sector to improve the performance of present oilfields, which were agreed to ONGC devoid of any contest.

The meeting will include Minister of Petroleum and Natural Gas Dharmendra Pradhan, CEO of Policy Commission Amitabh Kant, Vice Chairman of Policy Commission Rajiv Kumar, and Sinha of Cabinet Secretariat. In this, the secretaries of important ministries will also be present so that detailed information about all the issues related to the tax and policy can be given.

Important policymaker Vijay Kelkar; Vice Chairman of IHS Mark, Daniel Yergin; and President of International Gas Union, David C. Carroll will also be present to attend the meeting. India’s oil and gas sector has suffered restraints owing to strict control, subsidy, and large disputes. However, in recent years, India has resolved all the concerns of investors in this sector practically. The government has put the price of diesel and petrol out of control and has reduced the subsidy on a large scale.

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