PM Modi pitches $500 bn energy investment opportunity to global players

GOA: Offering investment opportunities worth US$500 billion in the energy sector, Prime Minister Narendra Modi on Tuesday urged global industry players to “make, innovate and invest in India”.Modi said India’s energy sector was central to the country’s growth ambitions and offered significant investment opportunities across the value chain, including oil exploration, refining, petrochemicals, hydrocarbons, and LNG infrastructure such as networks and ports. “India is the world’s fastest-growing economy, which means demand for energy products is steadily rising. The country also offers strong opportunities to serve global markets,” Modi said via video conferencing at the inauguration of the fourth edition of India Energy Week in Goa.Union minister for petroleum and natural gas Hardeep Singh Puri, UAE minister for industry and advanced technology Sultan Al Jaber, and Goa Chief Minister Pramod Sawant were present at the inaugural event.Modi said India was on a “reforms express”, with changes in Acts and rules driven by feedback from previous editions of India Energy Week. Referring to the Samudra Manthan Mission, he said the exploration sector had been opened up substantially and no-go areas reduced, improving prospects for investors.“By the end of this decade, India aims to raise investment in the oil and gas sector to $100 billion and expand exploration to one million square kilometres. More than 170 oil and gas blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon frontier,” he said.India’s refining capacity currently stands at 260 million metric tonnes per annum, and efforts are underway to raise it beyond 300 million metric tonnes per annum, Modi said, adding that this provides a strong advantage to investors. He noted that India is among the top five exporters of petroleum products, supplying over 150 countries.On liquefied natural gas (LNG), Modi said rising domestic demand had created major opportunities across transportation and infrastructure. India is moving to build LNG carriers domestically and has launched a Rs 70,000-crore shipbuilding programme. He highlighted investment potential in LNG terminals, regasification facilities and pipeline networks, while also flagging the expanding city gas distribution network as an attractive area for investors.Modi said India has set a target to meet 15% of its total energy demand through LNG and underlined the need to strengthen the entire natural gas value chain.The Prime Minister also referred to the free trade agreement signed with the European Union on Monday, calling it the “mother of all deals”. He said the pact, which accounts for nearly 25% of global GDP and about one-third of global trade, will complement agreements with Britain and the European Free Trade Association (EFTA). “The deal will not only boost manufacturing in India but also expand the services sector, while strengthening global business and investor confidence,” Modi said.