Greater Participation by Private Sector for making Petrochemicals & Raw Materials locally sought by Secretary, Petroleum and Natural Gas, Government of India.

No.PR-212 August 19, 2020 New Delhi Greater Participation by Private Sector for making Petrochemicals & Raw Materials locally sought by Secretary, Petroleum and Natural Gas, Government of India. Recently in India, we have conducted a survey which has helped us understand that we have energy reserves in the country and we stand a great chance to make this sector localized (Atma-Nirbhar) in a big way, mentioned Shri Tarun Kapoor, Secretary, Ministry of Petroleum, Oil, and Gas, Govt. of India, while interacting with the Managing Committee Members of PHD Chamber of Commerce and Industry. Shri Tarun Kapoor discussed that Our Hon'ble Prime Minister Shri Narendra Modi has given a call for Self-Reliant India in which the imports need to reduce by 10%. So, looking at this situation, we have to look at all the various areas where domestic production can go up and try to understand where oil and natural gas can be found in the country. We have opportunities for big and small companies who can work in tandem towards making India self-reliant. The Government will start registering small companies for bidding and hand-hold them to create some domestic companies in this sector, said Shri Kapoor. We are making things more flexible so that unconventional forms of hydrocarbons and others will be used in the country seamlessly, said Shri Tarun Kapoor. Talking about the opportunities in the upstream sector, he mentioned that recently the government has modified the retail policy allowing even small companies enter into the retail business. He discussed that India is a big destination for refineries and the current capacity is enough to meet the domestic demand for petrol and diesel. But there is a need for making petrochemicals and raw materials localized for which we are asking the private sector to enter the big picture. There are opportunities to set up petrochemical units as there lies a tremendous scope in this vertical. Deliberating about Gas Sector, he mentioned that we are only meeting 6.3% of energy needs via gas resources and, we aim to go to 15%. Gas is a more efficient, easy to transport, and environment friendly. We are establishing a national gas pipeline & simultaneously we are doing city gas distribution - giving industries access to gas via these pipelines. We are also working on multi-modal connectivity where all the industrial areas have been mapped and, various other facilities are being coordinated so that these gas pipelines can reach these areas as well. Another area of investment will be bio-fuels in which we have comprised bio-gas, ethanol, and bio-diesel. To attain the Hon'ble PM's vision of building a self-reliant India, we can increase our usage of bio-fuel, especially in the agriculture sector. Shri Tarun Kapoor further discussed various schemes and their benefits for the growth and development of Indian Industry. Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential remarks deliberated about the importance of gas-based economy and highlighted the need to focus on Oman-India Gas Pipeline named as the Middle East to India Deepwater Pipeline. India now being one nation and one market, petroleum is one product that has a multiplier effect on the economy and we recommend to the government that petroleum products should also be brought under the GST ambit, said Dr. Aggarwal. Dr Aggarwal highlighted that the Ministry needs to work out on how excise duty, as well as VAT can be reduced in the Petroleum, Oil and Gas sector and how the same can be brought under GST umbrella. The session was attended by senior leadership, esteemed members of PHD Chamber and other secretariat members of PHD Chamber of Commerce and Industry. Ends Media Division PHD Chamber of Commerce and Industry