India's Energy Transition Opens Global Arbitrage Opportunities, Says Petroleum Ministry Official
Jain underscored the significant arbitrage opportunities available worldwide for procuring natural gas, leveraging India's growing demand.
February 09, 2024. By Abha Rustagi
Jain underscored the significant arbitrage opportunities available worldwide for procuring natural gas, leveraging India's growing demand. He expressed that there exist opportunities to secure natural gas procurement deals below prevailing market rates, with the government actively encouraging negotiations with potential sellers.
As India progresses towards energy transition, Jain emphasized the pivotal role of natural gas, citing ongoing infrastructure upgrades such as terminal capacity expansion and pipeline network development. He stressed the importance of diversifying fuel sources, both domestically and globally, to ensure cleaner energy options for consumers.
Highlighting sectors poised to boost natural gas usage, Jain mentioned the scaling of gas-based mobility and the expansion of piped gas connections to homes. These initiatives are expected to further drive demand for natural gas in the country.
Addressing concerns regarding inviting global energy companies to operate in India, Jain assured stakeholders of a conducive business environment. He cited significant steps, such as the removal of no-go zones for exploration and production, as evidence of India's commitment to facilitating energy sector investments.
Jain also commended IEW 2024 as a platform for showcasing innovative energy solutions, including those developed by startups. He highlighted BPCL's electrolyser as an example of successful indigenous technology development.
Furthermore, Jain stressed the importance of expediting the adoption of biofuels, emphasizing the need to scale up production while maintaining affordability. He lauded recent progress in key areas of biofuel production, including feedstock collection and processing facilities, as promising steps toward achieving this goal. “Some years ago it was unimaginable that municipal solid waste could be segregated. But it’s happening now,” he said.
Reflecting on India's journey towards sustainable biofuel production, Jain praised the role of small and medium enterprises as the unsung heroes in enhancing biofuel production capabilities. He reiterated the government's commitment to supporting mechanization, infrastructure development, and improving local networks to streamline feedstock aggregation processes.
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