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President Mukherjee wants greater coordination in interdependent ‘energy market’

According to reportsasserting that the world energy markets are inherently global and interdependent and that no single country can isolate itself from the market, President Pranab Mukherjee on Monday said the emergence of major consumers in Asia, mainly India and China, has fundamentally changed the global energy equations.

“Just like financial markets, the world energy markets are inherently global and interdependent, and no single country can isolate itself from the market. Interdependence is central to energy security. The emergence of major consumers in Asia, mainly India and China, has fundamentally changed the global energy equations,” said President Mukherjee.

“The “global nature” of these challenges and the growing symbiotic connect between producing, consuming and transiting countries, requires a strengthened partnership between all state actors to enhance global energy security,” he added.

President Mukherjee in his inaugural address at Petrotech 2012 pointed out that apart from pricing and sourcing, research and development of new technologies is another area that requires special attention.

“The traditional oil ‘Majors’ can no longer feel complacent about extensive reserves, refineries, and distribution networks being their mainstay. As a matter of fact, today’s winners are companies who have a grip on emerging new technologies. Many industry solutions are being provided by jointly funded research in Universities,” said President Mukherjee.

“The Ministry of New and Renewable Energy and the Department of Science and Technology, Government of India actively supports research and development projects undertaken by academic institutions as well as industry players,” he added.

President Mukherjee said there is a need to build strong economic partnerships with other producing countries and their oil and gas industries to the mutual benefit of each other.

“We should seek to work together with other countries, especially those who are active in the oil and gas sector. I would suggest to the participants of Petrotech 2012 to explore the possibility of an association of oil and gas companies to deliberate upon such issues of shared interest,” he added.

The President said conferences like the Petrotech enable professionals, both managers and technologists, to keep abreast of the latest developments at global level.

“The Indian hydrocarbon sector must be equipped to responsibly deliver ever cleaner, ever more reliable and ever more affordable energy,” said President Mukherjee.

“I expect the domestic Oil and Gas industry to place sustainable development at the core of its business decisions. This means placing safety, environment, and community interest at the centre of its policies. I hope that the deliberations of your conference contribute to the building of a vibrant energy sector in India, which can be the bedrock of growth and prosperity,” he added.

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