Decisive Steps Being Taken to Reduce Crude Oil Import by 10%

OILMONSTER.COM- Prime Minister Narendra Modi Sunday said the NDA government has taken "decisive steps" to bring down crude oil import by 10 percent and save precious foreign exchange for the country. 

Towards this end, Modi said, 11 oil PSUs have adopted the modern 'lignocellulosic' route for establishing twelve 2G ethnol plants in 11 states of the country.

"To cut down on import of Crude oil, government has taken decisive steps towards reducing imports by 10 per cent and saving precious foreign exchange," Modi said after dedicating to the nation an integrated refinery expansion complex of the public sector Bharat Petroleum Corporation Ltd at the Kochi Refinery here. 

Six MoUs have already been signed in this direction, he said. 

To overcome environment pollution, he said the Centre was promoting the use of environment-friendly transport fuel--CNG-- by expanding the coverage of City Gas Distribution (CGD) network in the country. 

Six MoUs have already been signed in this direction, he said. 

To overcome environment pollution, he said the Centre was promoting the use of environment-friendly transport fuel--CNG-- by expanding the coverage of City Gas Distribution (CGD) network in the country. 

After the successful completion of 10th CGD bidding Round, more than 400 districts of the country would be connected for providing piped gas supply, Modi said. 

Referring to the National Gas Grid or Pradhan Mantri Urja Ganga project, he said it has also been created to have a gas-based economy and enhance the share of gas in the energy basket. 

"The government has thought of developing additional 15,000 kilometers of gas pipeline network," he said. 

The Prime Minister, during his address after inaugurating the Kochi refinery expansion complex, dwelt at length on the petrochemical sector in the country. 

"India, which is second largest oil refiner in Asia, is emerging as a refinery hub with refining more than its demand," he said adding the country's refinery capacity currently stood at more than 247 MMTPA. 

He said the government had provided nearly six crore LPG connections to the poor people under the Ujjwala Yojana scheme since May, 2016 when it was launched. 

Courtesy: www.economictimes.com