Singapore : With a view to supply energy at affordable prices to Indian consumers, the government has introduced transparent policies to encourage investment in refineries and petrochemical plants, Petroleum Minister Dharmendra Pradhan said on Friday. “Consumers are the kings in India. We want to provide affordable energy to our consumers,” Pradhan said here launching a road show for the auction 67 discovered small fields in India.
He said participation by big global energy players like Saudi Aramco, Shell, BP and Rosneft is important for developing the energy sector and creating competition in the domestic market. “Rosneft is eyeing Indian market,” Pradhan said, adding that the Russian energy major is currently in negotiations with India’s Essar Group for participating in the refining sector.
“When we are talking about free and transparent policies, we have to open our market. Consciously, we have deregulated our market and we are giving gradually price and marketing freedom to the investors,” he told reporters here.
“Our focus is on simplifying policies and improving the environment for ease of doing business in the country,” the minister said. “Singapore and India can jointly partner for the mutual growth,” he added, reports IANS.
Later, addressing institutional investors here at an event organised by Indian firm ICICI Securities, Pradhan highlighted the potential of the huge Indian market and said he was happy with the interest shown by foreign investors. “Addressed Institutional Equity Investors, organised by ICICI Securities, in Singapore,” Pradhan tweeted. “Had an interactive meeting with potential investors from Singapore; many of them have experience of working in India,” he said in a separate tweet.
“Addressed Media about ‘Destination India’;happy to see their interest in Indian energy sphere and big market,” he added in another tweet. Pradhan arrived here on Friday on the first leg of his six-day, two-nation visit to lead the country’s road shows to attract foreign investors in exploiting its discovered small oil and gas fields. “Addressed road show on small discovered blocks in Singapore. About 200 delegates and potential investors participated in it,” Pradhan tweeted, on what was his first engagement.
