According to reports, India, the world’s third largest oil importer, needs multi-pronged approach to addressing its energy security, Oil Secretary Saurabh Chandra has said.
“The country needs a multi-pronged and coordinated approach of focused research in multi-disciplinary fields. There is no single answer to the question of energy security,” Chandra said at the International Symposium of Fuels & Lubricants, ISFL-2014, organised by Indian Oil.
A company statement said, the Oil Secretary stressed on the need for a time-bound action plans for carrying out futuristic research to improve energy security in all sectors.
Delivering the inaugural address at the three-day event, IOC Chairman R S Butola said, “It is times like these when refining margins are under stress that brings out the best innovations. The industry needs to focus on renewable sources to achieve energy security.”
IOC said the ninth edition of the international symposium was organised on the theme – Advances in Fuels, Lubricants & Alternatives.
The conference is held biennially to share the latest developments and forge new business relationships in the fuels and lubricant industry.
Over 300 delegates from petroleum, automobile and allied industries as well as environmentalists attended the event, the statement said.