Indian Minister of Oil and Natural Gas Lauds Strong Ties with Gulf States

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NEW DELHI, Jan 28: As part of the familiarization visit organized by the Government of India to GCC countries’ media, Secretary of the Indian Minister of Oil and Natural Gas – Pankaj Jain praised the close relations between his country and the Gulf states, which began long before the discovery of oil and gas. He explained that the strength of relations with the Gulf countries is reflected in the exchange of visits between senior officials of these countries and India; citing the visit of Indian Prime Minister Narendra Modi to the Sultanate of Oman and the United Arab Emirates (UAE). He said five Gulf countries are among the most important trading partners of India in the fields of oil and gas, in addition to other fields such as fertilizers and organic industries.

He affirmed that his country is cooperating with the Gulf countries regarding energy on three axes: crude oil, gas, and petrochemicals. He said most of India’s oil and gas imports are from the Gulf countries, as his country is the third largest consumer of oil and gas in the world after China and the United States, valued at $119 billion. He stated that about 60 percent of his country’s oil needs are covered by the Gulf countries, which are considered its most important sources of energy. Saudi Arabia comes in first place, followed by the UAE; while Qatar is the main supplier of liquefied natural gas and provides India with about 70 percent of its needs.

The volume of Indian-Gulf trade exchange in 2022 reached about $154 billion, compared to $55.5 billion in 2000, he added. He disclosed that his country’s energy consumption is three times the average consumption of other countries. Despite India’s increasing trend towards clean and renewable energy in various fields, its demand for fossil oil will continue to increase quickly; so the energy producers must take these trends into account, he added. He also unveiled the plan of India to produce five million tons of green hydrogen by 2030, “as our annual needs are six million metric tons.” He said India has another source of energy, which is extracting methanol from agricultural crops that are abundant in his country or the gas resulting from the oxidation of foods. He affirmed that the security challenges that the region witnessed recently affected the cost of transportation in maritime shipping lines and caused prices to rise, along with an increase in the cost of insurance, which negatively affected producers and consumers. He also hinted at the possibility of cooperation with Kuwait in the field of oil exploration and the exchange of experiences and oil refinery products, as the Indian refinery produces many materials that are not produced by Kuwaiti refineries which, in turn, could supply India with its needs in this regard. He revealed that the India Energy Forum will be held in February, which is expected to be attended by major Gulf and international oil companies; hence, it will provide more opportunities for cooperation and the signing of agreements and contracts between the participating parties to serve the interests of everyone.

By Saeed Mahmoud Saleh
Al-Seyassah/Arab Times Staff

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