Vikrant Singh Shekhawat
- India,
- 25-Jan-2025,
- (अपडेटेड 25-Jan-2025 10:09 AM IST)
India-Russia Relation: India's Petroleum and Natural Gas Minister Hardeep Singh Puri made an important announcement on Friday, in which he said that India will continue to buy crude oil from Russia if it gets it at cheaper rates. Puri also clarified that the primary objective of the government is to get energy at the most economical price. In this context, India imported only 0.2% crude oil from Russia in February 2022, which has now increased to 30%. The minister said, "If Russia or any other country provides us oil at a discounted rate, we will choose the same." Energy availability and government strategy Puri assured that there is no shortage of crude oil in the market. He said that even though some oil producing countries are cutting production, there is still enough oil available in the global market. India aims to ensure energy supply by making deals in both long-term and spot markets. Puri clarified that India is not committed to buying oil from any one country, but its priority is to buy at the best price. Reconsidering Ratnagiri refinery projectRegarding the proposed 60 million tonne per annum refinery project in Ratnagiri district of Maharashtra, Puri termed it practically impractical. Instead, the government is considering the possibilities of setting up three separate refineries with an annual capacity of 20 million tonne each. This decision is being taken keeping in mind India's long-term needs in the energy sector. Ratnagiri Refinery and Petrochemicals Limited (RRPCL) is a joint venture set up in 2017, involving three major petroleum companies in the public sector.India Energy Week 2025: Global Energy ForumPuri also informed that 'India Energy Week 2025', to be held in the national capital from February 11, will be the second largest energy event globally. The four-day event will also feature a green culinary ministerial meeting, which aims to promote clean energy solutions globally. The event will have a special discussion on the Pradhan Mantri Ujjwala Yojana (PMUY), which will try to accelerate the adoption of green solutions for cooking gas.The event is expected to have 105 conference sessions and participation of over 70,000 global delegates. It will try to promote innovation and investment in India's energy sector by bringing various stakeholders of the energy sector on one platform.India's Energy Policy: Towards Balance and StabilityThe priority of India's energy policy is to ensure affordable, stable and green energy sources. The increasing percentage of oil purchases from Russia and India's active participation in global energy programs make it clear that the country is committed towards energy security as well as environmental sustainability.It is clear that India is making every effort to meet the needs of its citizens and industries while maintaining balance in the energy sector. In such a situation, this announcement by Hardeep Singh Puri indicates a new direction in India's energy sector.