$60 billion investment in gas infra coming

New Delhi: India is investing over $60 billion in developing natural supply and distribution infrastructure as it chases the target of more than doubling the share of natural gas in its energy base to 15 per cent by 2030, Oil Minister Dharmendra Pradhan said on Sunday.

Natural gas currently constitutes 6.2 per cent of all energy consumption in the country. Stating that the government has laid emphasis on developing a gas-based economy, he said natural gas is gradually becoming a bridging fuel for low carbon economy in India.

The government is giving special impetus to develop gas infrastructure across the length and breadth of the country connecting north to south and east to west parts of India, he said.

"I am happy to inform you that as we speak, an estimated investment of 60 billion US dollars is underway in building gas pipeline and terminal infrastructure that are nearing or in advanced stages of completion," he said in his opening remarks at the third International Think Tank Meeting (ITT) here.

City gas distribution network will soon cover 70 per cent of India's population, he said. "Our government is exploring strategic partnerships for overall development of oil & gas sector.

The role of private sector - both domestic and from abroad, for bringing in investments with necessary innovations for future energy landscape in the country, will remain crucial".

CEOs of energy firms at the meeting stated that India will continue to increase consumption of fossil fuels in its energy mix, and there is an urgent need for an integrated energy policy cutting across all forms of energy.