Africa is likely to be a significant source of meeting India’s hydrocarbon needs in the years to come, Union petroleum minister Dharmendra Pradhan said today.
In 2014, India imported 32 million tonnes of crude, 16% of its consumption that year, from Africa. This is expected to increase in the near future.
"Our GDP is growing at 7% and the energy demand is growing at CAGR of 8% from the last few years. With the prime minister’s push on ‘Make in India’, the energy demand will further go up," he said during the inauguration of two-day India Africa Hydrocarbon Conference (IAHC).
African imports play a significant role in meeting the demands of India and Nigeria stood as the second largest supplier of oil to India in June, 2015.
The fourth IAHC aims to explore opportunities, bridge boundaries and boost bilateral trade between India and Africa. The conference will bring together leaders in the worlds of energy to network with other influential peers, gaining new perspective by hearing distinguished CEOs from India and abroad, exchange expert insights, and develop strategies for the next big steps towards enhanced energy cooperation. The conference will provide a global forum for energy ministers and delegates of African countries to share their vision and chart out the road map for extended energy cooperation in the coming days.
Twenty-two African nations are taking part in the conference. Nine of them will be represented by their ministers. These countries are Algeria, Morocco, Mauritius, Liberia, Sudan, South Sudan, Tunisia, Senegal and Equatorial Guinea. In the third Indo-African Summit held in New Delhi in October, 2015, the key areas were outlined in which India and Africa will work together. Energy security stands as one of the major focus area of the bilateral ties. Africa with its huge hydrocarbon resources and India with its rapidly rising demand of huge human resource, experience, technology and ability to invest capital are natural partners, poised for future growth. Owing to rich natural resources in Africa, there are opportunities at various levels to be partners in growth with India which is also visible in Indian Government Policies, with a push to the Indian national oil companies to enhance their partnerships with African nations.
Pradhan will also have bilateral meetings with the ministers representing the African countries.