Indian Oil Chairman Discusses Energy Security Amidst American Sanctions on Russia
Key Ideas
- Indian Oil Chairman believes American sanctions on Russia will have limited effect on India due to diversified energy sources.
- India has strategic alliances with OPEC, OPEC+, Gulf countries, Guyana, Brazil, and the US to ensure stable crude supply.
- International crude prices are expected to remain around USD 75-80 per barrel with a bias towards USD 75.
- Indian Oil is focusing on expanding city gas distribution networks and venturing into green hydrogen production to reduce reliance on fossil fuels.
Indian Oil Chairman, Arvinder Singh Sahney, expressed confidence in India's energy security amidst American sanctions on Russia. Sahney highlighted India's diversified energy sources, including alliances with OPEC, OPEC+, and other countries, ensuring minimal impact from the sanctions. He mentioned plans to increase exposure to US crude and expects international crude prices to remain stable around USD 75-80 per barrel. Indian Oil is focused on expanding its city gas distribution networks and is venturing into green hydrogen production to reduce reliance on conventional energy sources. Sahney mentioned the upcoming commissioning of a green hydrogen plant at the Panipat facility within 2 years. India's National Green Hydrogen Mission aims to achieve a green hydrogen production capacity of 5 million tonnes by 2030, aligning with global efforts towards green energy and climate mitigation.