New Delhi: As investors await framing of policy by the new BJP government, Oil Minister Dharmendra Pradhan on Monday said that the focus must be on stable and equitable fiscal and regulatory regimes for both investors and owners of natural resources.
New investments have almost dried up in the oil and gas exploration and production as three years of policy paralysis and uncertain tax and regulatory regime were deterrents. "Our efforts must focus on promoting fiscal and regulatory regimes that are stable and equitable to both investors and owners of natural resources," he said addressing a plenary session of the World Petroleum Congress at Moscow. He said that energy policy must serve broader economic growth and its benefits should not exclude the poor, according to an official statement issued.
"Pradhan outlined the importance of innovation, partnerships, simplification of the regulatory regimes, rule of law, promotion of renewable energy in achieving our goals of energy security in line with the priorities of the new government led by the Prime Minister Narendra Modi," it said. He called for enhancing technology collaboration across the value chain particularly shale gas and tight oil.
The Minister said that his visit to Moscow has given him an opportunity to renew the deep and multifaceted ties between the two countries. Russia, he said, has always been a longstanding, time-tested friend and a strategic partner and energy is an essential element of the relationship between the two nations. Pradhan later inaugurated the India Pavilion at the WPC Exhibition.
World Petroleum Congress (WPC), the 'kumbh' of oil and gas sector, is held every three years. 21st WPC is being held at Moscow from June 15-19, 2014. Theme of the Congress is "Responsibly Energizing a Growing World".
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