New Delhi, December 13 - Neftegaz.RU. Oil Minister Dharmendra Pradhan said that the global investor industry has its eyes on India’s growing energy sector and investments in the tune of $300 billion is expected in the sector in the coming decade.
He added that Asia’s biggest greenfield oil refinery-cum-petrochemical complex is being set up collectively by Oil Marketing Companies (OMCs) along with Saudi Aramco and ADNOC in the state of Maharashtra at a cost of about $40 billion.
Talking about boosting India’s gas infrastructure and connecting the north-east part of the country with natural gas Pradhan said, that the work is underway on 2600 km long Jagdishpur-Haldia and Bokaro-Dhamra pipeline project also known as Pradhan Mantri Urja Ganga project.
He added that in order to connect north eastern states with gas grid, Indradhanush Gas Grid has been formed to lay 1500 km pipeline with an investment of Rs 6000 cr. Pradhan said that the government will soon be setting up a gas trading hub that will allow easy and ready access to gas suppliers and buyers to freely trade natural gas and in turn help India to develop its own hub based pricing.
Petroleum and Natural Gas Regulatory Board (PNGRB), India's downstream oil and gas regulator, has appointed ratings agency CRISIL as consultant to prepare regulations for the planned Natural Gas Trading Exchange. PNGRB will be working with Oil Industry Development Board to work out the complete regulation, operations and location of the upcoming gas exchange platform.