Word from Industry
India is establishing its presence in the LNG market!
January 29, 2018
In a recent bid to establish India as an influential power in the Association of Southeast Asian Nations (ASEAN) region, India has begun discussions to set up refineries and LNG plants in Indonesia, says the Oil Minister, Dharmendra Pradhan.
He further added that India’s presence in the ASEAN region has been historic, as the country’s oldest overseas oil and gas fields were acquired in 1988 in Vietnam.
The stats say that last year, India imported 6 million tonnes of crude oil from Malaysia, Brunei and Indonesia which directly is a 12% increase from the previous year. Further, it also imported 1.45 million tonnes of LNG from Singapore and Malaysia, reportedly.
“Our oil marketing companies are also in the process of increasing their foot prints in the retail marketing segment in the ASEAN countries.”
As Prime Minister Narendra Modi has invited heads of ASEAN countries next month, Pradhan says
“It is our tradition that we call foreign dignitaries on the occasion of our Republic Day. First time since independence, heads of ten countries would be visiting the country.”
The fact is India and ASEAN countries together represent one-fourth of the world’s total population. ASEAN is India’s 4th largest trading partner and accounts for 10.2% of its total trade. On the other hand ASEAN countries account for about 12.5% of investment flown into India since 2000. FDI inflows into India from ASEAN between April 2007 & March 2015 were about USD 32 billion. Whereas FDI outflows from India to ASEAN countries, from April 2007 to March 2015 was about USD 38 billion.
“It is our endeavour to work together. We have shared culture and long standing economic ties. If you work together it will have great impact on the world’s economy, The ASEAN- India Free Trade Area has been completed with the entering into force of the ASEAN- India Agreements on Trade in Service and Investments on July 1, 2015,” Pradhan said.
If India achieves this feat in collaboration with Indonesia it will be a great victory on the international front as well as on the environmental front. LNG is the fuel of the new generation, clean, safe and one of the best available to mankind. Kudos India we’re counting on you.
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