PM Modi meets heads of oil and gas companies

Prime Minister Narendra Modi today made a strong case for partnership between oil producing and consuming countries to reduce energy cost. PM Modi said this during his interaction with the heads of oil and gas companies and organisations in New Delhi. The meet was part of 40 heads of top oil companies and organisations.

The oil company leaders met to discuss the the prevailing energy scenario, effects of US sanctions on Iran and volatile oil prices affecting economic growth.

Interacting with global leaders of the energy sector, PM Modi said that a partnership between oil producers and consumers should be formed on the lines of other sectoral markets.

Modi noted that the oil market was producer-driven both in terms of quantity and price. He said that a partnership between oil producers and consumers would help stabilise the global economy.

PM Modi underscored that India held a significant position in the oil and gas market. India is the third largest consumer of oil in the world.

Here are the key highlights:

PM Modi pointed oil consuming countries like India face economic challenges and resource crunch due to rising crude oil prices. He said the support of oil producing companies would be very critical to bridge the gap.
Modi sought greater participation of private companies in the distribution of the gas sector.
Talking about technology, PM Modi said that there should be greater cooperation on the front of technology sharing among the countries for viable commercial exploitation of natural gas.
PM Modi called for review of the terms of payment between the oil producers and India in order to provide temporary relief to rupee.
Union ministers Arun Jaitley and Dharmendra Pradhan and NITI Aayog vice-chairman Rajiv Kumar were also present at the meeting. Senior Director at World Bank Riccardo Puliti also attended the meeting.

Heads of the International Gas Union, Gazprom, Vedanta, Reliance Industries, Indian Oil, Hindustan petroleum, Petronet LNG, American Gas Association were among those attended the meeting.

The rising crude oil prices have triggered a near-daily rise in fuel prices domestically and affected the value of rupee against dollar. The rupee has touched record low levels multiple times and lost over 15 per cent of its value against dollar this year.