Indian Oil Chairman Assures India's Energy Security Amidst US-Russia Sanctions
Key Ideas
  • Indian Oil Chairman reassures India's energy security despite American sanctions on Russia, citing multiple energy sources available to the country.
  • International crude prices expected to remain stable between USD 75 to USD 80 per barrel, with no significant increase anticipated in India.
  • Indian Oil focuses on city gas distribution network expansion, aiming to provide more connections and develop infrastructure.
  • Indian Oil plans to commission a green hydrogen plant with a capacity of 10,000 tonnes per annum at Panipat within 2 years, aligning with India's National Green Hydrogen Mission.
Indian Oil Chairman, Arvinder Singh Sahney, expressed confidence in India's energy security despite the recent American sanctions on Russia and potential punitive actions. He highlighted India's diverse energy sources, including OPEC, OPEC+, Gulf countries, Guyana, Brazil, and the US, ensuring a stable crude oil supply. Sahney anticipated international crude prices to hover around USD 75 to USD 80 per barrel, with minimal impact on Indian oil prices. The focus remains on expanding city gas distribution networks to enhance accessibility. Regarding green energy, Indian Oil is set to commission a 10,000-tonne green hydrogen plant in Panipat within 2 years, aligning with India's National Green Hydrogen Mission. India aims to reduce its reliance on fossil fuels by investing in renewable energy sources like green hydrogen, reflecting a global shift towards sustainable energy practices.
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