India's energy sector entering phase of unprecedented growth: IOC Chairman

New Delhi [India], January 29 (ANI): Chairman of Indian Oil Corporation Limited (IOCL) AS Sahney on Thursday said India's energy sector is entering a phase of unprecedented growth, driven by strong economic expansion and rising energy demand, making this an opportune time for global partnerships, particularly with the European Union.
"This is the right time, and the country is moving upward in terms of growth that is unprecedented. Our GDP is growing, we are on a growth trajectory, and we will soon become the third-largest economy. The exchange of technology and energy resources will lead to more sustainable and eco-friendly growth," Sahney said.
Speaking with ANI on the sidelines of the India Energy Week, Sahney highlighted India's rising energy requirements, and noted that increasing demand will naturally lead to higher investments across the energy value chain.
He said India offers significant opportunities for global players in areas such as exploration, refining, petrochemicals, renewables, green hydrogen and green ammonia.
"If the world wants to invest in exploration, refineries, petrochemicals, renewables, green hydrogen or green ammonia, the opportunity is available here in India," he added.
Drawing parallels between India and Europe, Sahney said both regions are major energy importers and are committed to transitioning towards cleaner and greener energy sources.
"The paths are more or less the same. We both import a lot of energy and are committed to renewable, green and non-polluting sources. The only difference is that India's growth and energy requirements are higher," he said.
He further pointed out that Europe has already made progress in green technologies, creating scope for collaboration. "Europe has the technologies and has gone through this green journey. We have opportunities to work with them, and they have opportunities with us," Sahney said.
On crude oil procurement, the IOCL Chairman clarified that the company follows a purely commercial approach and does not base its sourcing decisions on geography.
"We procure crude on a commercial basis. If it fits commercially, we buy it; if not, we don't. We are not specific about sourcing from any particular country or region," he said.
Sahney emphasized that the alignment of Europe's technological strengths with India's growing energy needs presents multiple opportunities for collaboration in the evolving global energy landscape. (ANI)