‘India must acquire foreign assets, buy less energy’

GAIL (India) Ltd CMD AND Ficci Hydrocarbon Committee Co-Chair B C Tripathi underscored the need for an apex body at the national level to coordinate the efforts of the oil and gas industry to raise domestic energy production and reduce the country’s dependence on oil imports. He called for diversification of the energy basket in terms of geographies and stated that energy must be seen as a geo-political product which required effective economic diplomacy.

Earlier, In Conversation with CEOs of the hydrocarbon industry, Tripathi said that India’s emphasis should be on acquiring energy assets abroad rather than on being in the energy buying mode. The need is to have a mixed approach of buying in the short term and acquiring assets in the long term.

ONGC Videsh Ltd (OVL) MD and ONGC Chairman & Managing Director- Designate D K Sarraf stressed the need for energy diplomats who with their expertise and diplomacy can guide India’s public and private sector to strike fruitful deals and acquire assets overseas.