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Energy sector hit by COVID-19, price stability crucial: Mukesh Ambani at Saudi's FII conference

In his virtual address at Future Investment Initiative on January 27, RIL Chairman Mukesh Ambani said a consumer country, and he as a consumer, 'would like to dream about stability in prices'.

January 27, 2021 / 10:58 PM IST
RIL chief Mukesh Ambani virtually addressing FII conference.

RIL chief Mukesh Ambani virtually addressing FII conference.

 
 
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Reliance Industries Ltd (RIL) Chairman Mukesh Ambani stressed on "price stability" as he spoke on the challenges before global energy sector at Saudi Arabia’s flagship investment conference that began on January 27.

In his virtual address at the Future Investment Initiative (FII), Ambani said a consumer country, and he as a consumer, "would like to dream about stability in prices".

The global energy industry was severely hit by the COVID-19 pandemic, Ambani said, adding that "we have not only seen a drop in consumption but also a drop in investments".

According to the World Energy Outlook 2020, the global energy demand was set to drop by 5 percent in the past year, whereas, the energy investment was expected to dip by 18 percent.

Despite a challenging period, Ambani expressed optimism on the future of global energy sector. "Energy for five out of eight million people is still an essential requirement. We expect this energy consumption to grow," he said.

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The RIL chief also batted for renewable energy, saying that the pandemic has shown that people show preference for clean energy if provided.

Ambani, before speaking on the energy sector, also called for worldwide cooperation to mark the global economic recovery. Lessons should be learnt from the manner in which multiple vaccines for COVID-19 were developed in less than 12 months, he added.

"If we show same urgency in achieving global recovery it can benefit entire world and we can aim to see a better future," Ambani said.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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