2024-02-09 06:40:00
INDIA'S ENERGY DEMAND WILL DOUBLE
WAM - 7th February, 2024 -- India's energy demand will double by 2045, Prime Minister Narendra Modi has projected.
Inaugurating the "India Energy Week" yesterday, Modi said India's consumption of oil per day will soar from 19 million barrels to 38 million barrels by 2045.
"India currently ranks as the world's third-largest energy consumer, oil consumer, and liquefied petroleum gas consumer. Additionally, it stands as the fourth largest importer of liquefied natural gas, refiner, and automobile market globally. Presently, India is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles," Modi added.
Consequently, India is offering investment opportunities to the tune of $67 billion, primarily for energy-producing countries spread all over the world.
India has announced an infrastructure investment of 11 trillion rupees ($ 1.32 billion) in its annual budget presented to Parliament on 1st February. "A large part of this will go to the energy sector," Modi said.
By increasing the blending of ethanol in petrol eight-fold in a decade, a reduction in carbon emissions of 42 million metric tonnes has been achieved, the Prime Minister stated.
"We are working towards achieving a target of blending 20 percent ethanol in petrol by 2025." At present, the comparative figure is 12 percent.
The Indian Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said that "India, despite having no large oil reserves of its own, has managed to successfully develop a large oil industry by strategic planning and investments in the refining sector."
In the last fiscal year, crude oil was India's biggest import item, while petroleum products made up the largest share of exports, he noted.
India Energy Week is the country's largest and only all-encompassing energy exhibition and conference. It is now in its second year. Seventeen energy ministers, 35,000 delegates, and more than 900 exhibitors are attending this year's event.
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Earlier:
2024, February, 7, 06:40:00
INDIA NEED COAL ENERGY
India is already exploring coal gasification, for which it is setting aside 85 billion rupees ($1 billion) in subsidies to help get projects off the ground. The early-stage technology, which turns coal into gas to generate electricity, results in marginally lower emissions compared to conventional coal firing.
2024, February, 2, 06:55:00
INDIA NEED OIL REFINING
India’s refining capacity is projected to increase by 56 million tons by 2028, Junior Oil Minister Rameswar Teli said last month, without elaborating. That equates to an overall capacity boost of 22%, or 1.12 million barrels a day.
2024, February, 2, 06:50:00
INDIA NEED MORE COAL
India recorded a peak electricity demand of 243 gigawatts last year, exceeding the power ministry’s projections of 229 gigawatts and prompting the ministry to push for more coal power. Maximum demand is expected to jump to 366 gigawatts by 2032.
2023, December, 21, 06:35:00
INDIA'S ENERGY DEMAND WILL UP
In November, days ahead of the UN Climate Change Conference in Dubai, India's power minister RK Singh said the country would need to add 80 GW of new thermal capacity by 2031-2032 to meet demand.
2023, November, 30, 06:50:00
INDIA NEED COAL
In the next four months, India plans to add nearly 3 gigawatts of coal-fired generation, while the following fiscal year, starting from April 1, 2025, will see it add 14 gigawatts, or its highest level in eight years.
2023, November, 17, 06:55:00
INDIA'S OIL DIVERSIFICATION
Oil ministry officials said India diversified its sources to import crude from as many as 39 nations and hoped the return of OPEC member Venezuela would add to the country's list of steady suppliers.
2023, November, 3, 06:45:00
INDIA NEED VENEZUELA'S OIL
India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill.
