Indian Oil Chairman Talks Energy Security Amidst US-Russia Tensions
Key Ideas
- Indian Oil Chairman reassures about India's energy security amidst US sanctions on Russia, citing multiple energy sources available.
- He mentions alliances with OPEC, OPEC+, Gulf, Guyana, Brazil, and the US as key sources, minimizing the impact of sanctions.
- He anticipates international crude prices to range between USD 75 to USD 80 per barrel, with a bias towards USD 75, ensuring stability.
- Indian Oil is venturing into green hydrogen with plans to commission a 10,000-tonne per annum plant in Panipat within 2 years.
Indian Oil Chairman Arvinder Singh Sahney discussed India's energy security in light of US sanctions on Russia. Sahney emphasized that India has diverse energy sources, including alliances with OPEC, OPEC+, Gulf, Guyana, Brazil, and the US, mitigating the impact of sanctions. He projected international crude prices to range from USD 75 to USD 80 per barrel, with a preference towards USD 75. Sahney highlighted Indian Oil's involvement in the city gas distribution network expansion but confirmed no active acquisition plans. Regarding green energy, he announced that Indian Oil's Panipat plant will soon commission a green hydrogen plant with a capacity of 10,000 tonnes per annum. This move aligns with India's National Green Hydrogen Mission, aiming for a 5 million-tonne green hydrogen production capacity by 2030, reflecting a global shift towards renewable energy for climate mitigation.