New Delhi [India], January 29 : India stands as a critical destination for global energy capital as the nation pursues a USD 500 billion investment roadmap to support its rapid economic expansion. In an exclusive interview with ANI, Indian Oil Corporation (IOC) Chairman Arvinder Singh Sahney stated that the country's trajectory toward becoming the world's third-largest economy requires a significant expansion of energy infrastructure.
"When growth of this scale occurs, energy demand will naturally rise. Consequently, we must investsome will be done by us, and some by international investors," he said.
"The PM says that 'this is the right time, the time is now.' India's GDP is seeing unprecedented growth," Sahney said. He noted that the surge in energy demand follows the consistent growth rate observed over the last four to five years.
The IOC Chairman explained that the USD 500 billion opportunity spans across multiple sectors, including exploration, refineries, petrochemical plants, renewables, and green hydrogen. Sahney highlighted that international investors bring advanced technology to ensure "quality growth" that reduces pollution while maintaining affordability.
Addressing international trade dynamics, Sahney identified significant potential in the India-EU Free Trade Agreement (FTA). He noted that both regions share a commitment to a cleaner environment and rely on energy imports. "The only difference is that our growth rate is higher, and our energy requirements are larger and still expanding," Sahney said.
He added that the EU possesses technology that creates a significant opportunity for collaboration. Similarly, he pointed toward Canada as a strategic partner, citing the synergy between Canada's vast energy sources and India's high energy demand.
On the subject of crude oil procurement and the reported decline in Russian oil imports, Sahney maintained that Indian Oil Corporation operates on strictly commercial principles. He clarified that the company does not prioritize or avoid specific regions based on geography alone.
"We aren't rigid about needing to buy from 'Geography X' or avoiding 'Geography Y'that is not our criteria," the Chairman stated. He explained that if a purchase is commercially viable, the company proceeds with it, regardless of the source.
Regarding the increase in energy purchases from the United States, Sahney attributed the shifts to market dynamics rather than policy changes. He noted that volumes for LPG, LNG, and crude oil fluctuate based on the best available deals. Sahney said that the primary objective for the state-run refiner remains the diversification of its energy basket.
"Our goal is to ensure we procure from diversified sources," he said, reiterating that these are entirely commercial decisions aimed at securing the most competitive terms for the country's energy needs .
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