India urges energy partnerships

New Delhi, November 1:

Indian petroleum minister Murli Deora has called upon the oil producing and consumer nations to forge ‘enduring partnerships’ in world of energy interdependence.

“Both producers and consumers must forge enduring partnerships for mutual growth,” said Deora, addressing the 6th Rus-sian Oil And Gas Week (International Energy Week - Moscow Energy Dialogue), according to a statement. Speaking on ‘The Global Energy Problems and Energy Security’, he said oil scarcity was a myth.

“No shortage of oil has been experienced. However, policymakers will not lose sight of the fact that the record energy prices were due to capacity constraints across the supply chain in areas of oil production, refining and logistics,” said Deora. “There is a need for all of us to recognise the structural shortcomings in the supply cha-in and address these aggre-ssively.” He said India’s plans to double its refining capacity from the current 2.7 million barrels per day over the next five-six years.