JULY 16 (Reuters) — India’s Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said the country will benefit from the fall in oil prices following Iran nuclear deal.
Pradhan said that even though the natural petroleum industry may face some challenges, India will be one of biggest beneficiaries of the dip in oil prices.
“With Iran coming to the market, there is an assumption that there will be sliding in the oil price. There will be stagnancy, there will be more challenge and difficulty in the NP sector, and simultaneously a country like India will be one among the major beneficiary in the sliding oil price,” said Pradhan in national capital New Delhi on Wednesday (July 15).
Pradhan added that Indian companies would invest in Iran’s petroleum reserves, after sanctions preventing nations from engaging in economic relations with the west Asian nation have been lifted.
Iran and six major world powers had on Tuesday (July 14) reached a nuclear deal capping more than a decade of negotiations with an agreement that could potentially transform the Middle East.
Meanwhile, Pradhan also stressed on the importance of cleaner and greener energy and said that the government would promote cleaner forms of energy like natural gas. He added that the government would increase the compressed natural gas and liquefied petroleum gas connectivity in the country.
“In future, in the next four years, in phased manner we will increase the CNG (Compressed Natural Gas) connection in the country. We will increase the LPG (Liquefied Petroleum Gas) connectivity in the country,” said Pradhan.
Pradhan added that in the current scenario, India is one of the lowest consumers of natural gas and that the Narendra Modi-led government would bring about a change by shifting to cleaner forms of energy.
