From 6th to 8th February 2023, the Indian city of Bengaluru was buzzing with activity as industry leaders, technological announcements and business gurus thronged to the India Energy Week 2023 that was organized by the Ministry of Petroleum and Natural Gas. As India leads the G20 Presidency, the event was the first major event of International nature and it saw participation of foreign dignitaries too.
This year’s India Energy Week has proved to be a major turning point for the Indian industry as it involved the launch of futuristic technological endeavours, consequential industrial collaborations and participation. The enthusiastic response by Energy giants such as OPEC, Russia and Western companies was notable. Over 30 energy ministers and fifty head of companies attended the event.
Notwithstanding the suits display of business glaze, the millet khichdi by Chef Randeep Brar on top of a solar cooktop attracted much applause. 2023 is also the international year of Millets and India is specifically looking to grab a large chunk of exports as part of the largest producer of millets. Another event of note was the Alternative Fuels Based Vehicles Rally where PM Modi also flagged off the E-20 compliant Volkswagen Taigun and Skoda Kushaq.
At the opening of the event, Indian Prime Minister Narendra Modi said, “Energy sector has a huge role to play in determining the future of the 21st century world. Today India is one of the strongest voices in the world in energy transition and in developing new resources of energy.” Speaking about the vast business opportunities in India, PM added, “Today India’s share in global oil demand is around 5% but it is expected to reach 11%. India’s gas demand is expected to increase by 500 percent. Our expanding energy sector is creating new opportunities for investment and collaborations in India.” He also said that India’s refining capacity is being increased to 450 MMTPA from current volume of 250 MMTPA. He also mentioned that India has launched the first 2-G ethanol Bio-Refinery last year. He also emphasized on India’s PLI scheme that compensates companies for manufacturing in India. Also speaking at the event, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri emphasized on India’s green energy push through the ethanol blending, indoor solar cooking which can lead to extensive savings to the exchequer.
Innovate and transition to cleaner and greener fuel was the most dominant mantra of large firms in the event. Reliance Industries showcased the first Made in India truck that is based on Hydrogen as fuel. The India made Hydrogen Internal Combustion Engine is a significant achievement and it holds the potential for becoming the backbone of future automobiles. The Computer Modelling Group has launched its India chapter with a CMG collaboration chapter to help energy companies shift to low-carbon energy technologies. Volkswagen also announced that its facility in Aurangabad has already become a 100% Green energy run facility, 2 years ahead of schedule.
A large Russian presence was seen in the event and top executives of Rosneft and Novatek also met with PM Narendra Modi. India has become a hub of Russian energy imports which have significantly boosted the country’s refining business. The west including United States prefer to allow Russian oil in the market through this route to keep energy affordable while also continuing their financial pressure on Moscow.
Another important agreement was an MoU by two European companies Uniper and Greenko for importing green-ammonia produced in Andhra Pradesh. This is one of the first such green energy exports to Europe from India. Greenko also signed a pact for alkaline electrolysers at its plant at Una from Jogn Cockrill. The global Oil producers’ grouping OPEC also released its ‘World Oil Outlook 2045’ where it stated that India and China will command about 37% of global GDP by 2045.
Apart from a host of business-related conferences, the most significant one was the 9th Asian Ministerial Energy Roundtable (AMER9) in association with International Energy Forum on 7th February which discussed the high growth and potential of Asian economies. The Ministry of Petroleum also signed a pact with International Energy Association for strengthening global energy security, stability and sustainability through data and research.
The reassuring of the energy producers that the future of energy sector is bright and green technologies are catching up with sustainable requirements is a good sign. India’s hosting of the event also gave a clear picture of the sector as it brought together Western, Russian and Chinese industries on a single platform.
Photo Credit : https://twitter.com/IndiaEnergyWeek/status/1632731334375354368/photo/3
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