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Urja Sangam in Delhi

A unique Urja Sangam or Energy Conclave was organised in Delhi by the Ministry of Petroleum and Natural Gas. The conclave was to commemorate 50th anniversary of the state owned ONGC Videsh, Engineers India Ltd and Barauni Refineries of Indian Oil Corporation Ltd.

Prime Minister Modi inaugurated the function attended by the CEOs of the top public and private sector enterprises operating in the upstream and downstream sectors of the Indian oil industry. Modi used the platform to underscore the need for reducing crude oil and petroleum product imports to save valuable foreign exchange for the country. India cannot afford a US $ 164 billion oil import bill as recorded in 2012-13, but India has benefited late last year and early this year from the crash in oil prices by about US $ 50 billion.

Modi asked national oil companies to produce more crude within the country and reduce imports by 20 per cent within 2022, which is a tough target indeed according to oil companies.

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