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Indian energy demand expected to double by 2040, says Modi

India is an attractive market for energy companies with demand expected to more than double by 2040, said Prime Minister Narendra Modi

Modi, speaking at the Indian oil and gas conference Petrotech, also stressed the need for responsible energy pricing with both producer and consumer in mind.

Chief Executive Officer for Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed Al Jaber said that India was not only a valued customer but also a very important strategic partner to the United Arab Emirates.

India, which relies on oil imports for about 80 percent of its energy needs, has built underground emergency storage to protect itself from any fuel disruption.

ADNOC, the only foreign company with a deal to store oil in India’s strategic reserves is participating in a planned 1.2 million-barrels-per-day coastal refinery in western Maharashtra state.

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