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Oil & Gas stocks gain as India investing $60 billion in developing natural gas supply, distribution infrastructure

Oil & Gas stocks were trading higher with Oil Minister Dharmendra Pradhan’s statement that India is investing over $60 billion in developing natural gas supply and distribution infrastructure.

Reliance Industries is currently trading at Rs. 1360.00, up by 7.60 points or 0.56% from its previous closing of Rs. 1352.40 on the BSE. The scrip opened at Rs. 1363.60 and has touched a high and low of Rs. 1363.60 and Rs. 1352.90 respectively. So far 88491 shares were traded on the counter.

Adani Gas is currently trading at Rs. 154.70, up by 17.05 points or 12.39% from its previous closing of Rs. 137.65 on the BSE. The scrip opened at Rs. 162.40 and has touched a high and low of Rs. 162.40 and Rs. 152.00 respectively. So far 494723 shares were traded on the counter.

Gujarat Gas is currently trading at Rs. 173.15, up by 2.15 points or 1.26% from its previous closing of Rs. 171.00 on the BSE. The scrip opened at Rs. 173.10 and has touched a high and low of Rs. 175.60 and Rs. 172.00 respectively. So far 20440 shares were traded on the counter.

With an aim to achieve the target of more than doubling the share of natural gas in its energy base to 15 percent by 2030, Oil Minister Dharmendra Pradhan has said India is investing over $60 billion in developing natural gas supply and distribution infrastructure. Natural gas currently constitutes 6.2 percent of all energy consumption in the country. He said natural gas is gradually becoming a bridging fuel for low carbon economy in India. He added city gas distribution network will soon cover 70 percent of India’s population.

The minister said the government is giving special impetus to develop gas infrastructure across the length and breadth of the country connecting north to south and east to west parts of India. He also stated government is exploring strategic partnerships for overall development of oil & gas sector. The role of private sector – both domestic and from abroad, for bringing in investments with necessary innovations for future energy landscape in the country, will remain crucial.

Besides, he said energy is integral to achieving the target of early doubling the size of Indian economy to $5 trillion by 2024. Talking of key challenges confronting the energy sector, he said ‘the foremost challenge of our time is the Energy Trilemma. It is about providing – sustainably, securely, and affordably-sufficient energy to our growing population’. Secondly, in recent times, significant uncertainty and challenge were witnessed in the global energy markets. He said ‘we have seen the most disruptive developments. US sanctions on Iran and Venezuela, attacks on Saudi oil processing units, volatile conditions in Strait of Hormuz, unrest in the Middle-East, and US-China trade war, to name a few.’

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