New Delhi: India on Tuesday invited foreign companies to invest and participate in hydrocarbon sector, noting that a bulk of oil and gas potential still "remain locked up" in its basins.
Asserting equitable relations between producers and consumers of hydrocarbon, External Affairs Minister Pranab Mukherjee emphasized that "redoubled and sustained" efforts were required to develop new, alternative and renewable sources of energy like nuclear and solar at an affordable cost.
The Minister inaugurated the PETROTECH-2007 conference in the Capital and pointed out at the conference of petroleum ministers of various countries that the India Hydrocarbon Vision-2025 lays down the framework for strengthening the hydrocarbon sector, with petroleum and natural gas being at the forefront for this.
Mukherjee underlined that the policy had triggered a more definitive paradigm shift towards free market and competition, with increasing private sector and overseas participation in all the important segments of the country's hydrocarbon sector.
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