India is investing over $60 billion in natural gas supply and distribution infrastructure as it seeks to more than double the share of natural gas in its energy base, to 15% by 2030, oil minister Dharmendra Pradhan said Sunday.
Natural gas currently constitutes 6.2% of all energy consumption in the country, Hindu Businessline reported.
Stating the government is emphasizing developing a gas-based economy, Pradhan said natural gas is gradually becoming a bridge fuel for a low carbon economy in India, Kallanish Energy understands.
“The government is giving special impetus to develop gas infrastructure across the length and breadth of the country, connecting north to south and east to west parts of India,” he said, Hindu Businessline reported.
“I am happy to inform you that as we speak, an estimated investment of $60 billion is under way in building gas pipeline and terminal infrastructure that are nearing or in advanced stages of completion,” he said in his opening remarks at the third International Think Tank Meeting (ITT) in New Delhi.
A natural gas distribution network will soon cover 70% of India’s population, he said. “Our government is exploring strategic partnerships for overall development of oil and gas sector. The role of private sector — both domestic and from abroad, for bringing in investments with necessary innovations for future energy landscape in the country — will remain crucial,” according to Pradhan.
Pradhan said energy is integral to achieving the target of early doubling the size of Indian economy to $5 trillion by 2024, Hindu Businessline reported.
Talking of key challenges confronting the energy sector, he said: “The foremost challenge of our time is the Energy Trilemma. It is about providing — sustainably, securely, and affordably-sufficient energy to our growing population.”
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