Prime Minister Narendra Modi will next week meet chief executives of top Indian and foreign oil and gas companies, where topics like energy supplies amid geopolitical conflicts and attracting investments are likely to be discussed. Oil Minister Hardeep Singh Puri said the meeting will happen on the sidelines of the second edition of India Energy Week being held in Goa from February 6 to 9.
Prime Minister had in recent years used annual jamboori of oil and gas sector — previously as CERA India Week and now India Energy Week — to meet chief executives of major oil and gas companies with a view to understanding the emerging energy scenario as well as to drum up investments in the energy sector of the country. This year's conference comes in the backdrop of the continuing Russia-Ukraine war and the fresh Red Sea crisis where one of the world's busiest sea navigation channels has been threatened by attacks by Houthi militants.
"India today on the energy front presents the picture of confidence, of positive growth, of solutions in many areas. IEW is a golden opportunity for all these related developments on the energy front to be showcased and provide the platform for further development and growth in the energy sector," Puri told reporters. Just like the previous editions, Modi will meet oil and gas firms' CEOs on the sidelines of the event. Besides, there will also be an India-US investment roundtable.
Asked about the Red Sea crisis which has so far not disrupted oil supplies to India but has sent freight charges higher as ships reroute to avoid the conflict zone, he said the the conflict is a matter of concern but not a cause of worry for the country as yet. "Whatever difficulties we faced, we've not only navigated through each of those developments and challenges which have come our way, but I think we have navigated quite well," he said.
The minister said that India Energy Week 2024 is expected to witness 17 energy ministers from different countries, 35,000+ attendees, and more than 900 exhibitors. "I am pleased to share that this time we will have dedicated 6 country pavilions, namely Canada, Germany Netherlands, Russia, UK and USA." During IEW 2024, a special Make-in-India Pavilion is being organized with more than 300 exhibitors to showcase innovative solutions Indian MSMEs are spearheading in the energy sector.
He said with the number of domestic and international participants this gives them an unparalleled platform to demonstrate their abilities to both domestic and international markets. Highlighting the increase in scale of the event as compared to first edition, the minister noted that the number of exhibitors for IEW '24 is expected to be more than 900 (up 30 per cent). There is 25 per cent increase in exhibition area (18,500 square metres this year as against 15,000 sq m last year), resulting in a 46 per cent increase in revenue from exhibition.
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