India joins China in pre-pandemic energy demand
Posted: Mon Nov 09, 2020 9:18 pm
India’s energy demand recovers to pre-Covid levels, oil minister says
Asia’s third-largest economy to experience fastest growth in energy consumption of all large economies in the coming decades
India’s energy demand is recovering to pre-Covid levels as Asia's third-largest economy reopens for business, according to the country’s oil minister.
The country's consumption of gasoline, gasoil and cooking gas in October “exceeded the figures of last year”, Dharmendra Pradhan, India’s minister of petroleum and natural gas and steel, said during the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.
“India’s energy sector has shown remarkable resilience and our energy demand has almost recovered back to the pre-Covid levels, particularly for petroleum products, due to rejuvenation of economic activities,” Mr Pradhan said during the event, which is taking place online due to Covid-19.
“We anticipate this recovery in energy demand growth in India will sustain in the coming months.”
India, which had one of the strictest lockdowns to contain the pandemic, is reopening its economy despite a rise in the number of coronavirus cases. The country has allowed most business establishments to resume operations as it looks to spur economic activity in the coming months.
Mr Pradhan also said India will be a key driver of global energy demand in the coming decades “as its share in global consumption is set to rise from 6 per cent in 2018 to 12 per cent in 2050”.
“It will experience the fastest growth in energy consumption among all large economies,” he said.
India is the currently third-biggest consumer of oil in the world, after the US and China.
The government has also taken a series of policy decisions to make India an attractive investment destination in the energy sector, the minister added.
“There are tremendous opportunities in the energy sector in India. India now allows 100 per cent foreign direct investment in exploration and production. We have created a friendly tax regime for sovereign wealth and pension funds. These reforms are translating into increased FDI growth in the sector.”
India is also pivoting towards cleaner energy sources and has set a target of generating 450 gigawatts of renewable energy by 2030 as well as using emerging fuels like hydrogen.
“Our energy sector will be growth-centric, industry-friendly, environment conscious and energy conscious,” he said.
India is also inviting global firms to invest in its Strategic Petroleum Reserves.
https://www.thenationalnews.com/busines ... -1.1108666
Asia’s third-largest economy to experience fastest growth in energy consumption of all large economies in the coming decades
India’s energy demand is recovering to pre-Covid levels as Asia's third-largest economy reopens for business, according to the country’s oil minister.
The country's consumption of gasoline, gasoil and cooking gas in October “exceeded the figures of last year”, Dharmendra Pradhan, India’s minister of petroleum and natural gas and steel, said during the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.
“India’s energy sector has shown remarkable resilience and our energy demand has almost recovered back to the pre-Covid levels, particularly for petroleum products, due to rejuvenation of economic activities,” Mr Pradhan said during the event, which is taking place online due to Covid-19.
“We anticipate this recovery in energy demand growth in India will sustain in the coming months.”
India, which had one of the strictest lockdowns to contain the pandemic, is reopening its economy despite a rise in the number of coronavirus cases. The country has allowed most business establishments to resume operations as it looks to spur economic activity in the coming months.
Mr Pradhan also said India will be a key driver of global energy demand in the coming decades “as its share in global consumption is set to rise from 6 per cent in 2018 to 12 per cent in 2050”.
“It will experience the fastest growth in energy consumption among all large economies,” he said.
India is the currently third-biggest consumer of oil in the world, after the US and China.
The government has also taken a series of policy decisions to make India an attractive investment destination in the energy sector, the minister added.
“There are tremendous opportunities in the energy sector in India. India now allows 100 per cent foreign direct investment in exploration and production. We have created a friendly tax regime for sovereign wealth and pension funds. These reforms are translating into increased FDI growth in the sector.”
India is also pivoting towards cleaner energy sources and has set a target of generating 450 gigawatts of renewable energy by 2030 as well as using emerging fuels like hydrogen.
“Our energy sector will be growth-centric, industry-friendly, environment conscious and energy conscious,” he said.
India is also inviting global firms to invest in its Strategic Petroleum Reserves.
https://www.thenationalnews.com/busines ... -1.1108666