'India remains energy secure': PM Modi addresses West Asia crisis in Lok Sabha
PTC News Desk: Amid rising tensions in West Asia and fears of supply disruptions via the crucial Strait of Hormuz, Prime Minister Narendra Modi on Monday said India remains energy-secure, supported by a strategic petroleum reserve of 53 lakh metric tonnes and a diversified import network covering 41 countries. He added that the government is now aiming to expand these reserves to 65 lakh metric tonnes.
"In the last decade, India has prioritised the storage of crude oil for times of crisis. Today, we have a strategic petroleum reserve of over 53 lakh metric tonnes, and work is underway to increase this to more than 65 lakh metric tonnes," the Prime Minister told the Lok Sabha.
Emphasising efforts to reduce dependence on limited sources, Modi noted that India has significantly broadened its energy import base. “Earlier, we imported from 27 countries; today, we source energy from 41 countries,” he said. He also highlighted the focus on strengthening domestic capacity, stating that refining capabilities have increased alongside a decade-long push to enhance crude oil storage. “We now have a robust strategic petroleum reserve,” he said.
The Prime Minister added that India is in constant coordination with multiple countries to ensure steady supplies of oil and gas. However, he acknowledged that the ongoing conflict has created unprecedented and multi-dimensional challenges. “This war has brought economic, national security and humanitarian challenges. India has strong trade ties with countries involved in or affected by the conflict. The region is also vital for global trade, and a large portion of our crude oil and gas imports pass through it,” he said.
Condemning attacks on commercial vessels in key international waterways, Modi said such disruptions are unacceptable. “Through diplomatic efforts, India is working to ensure safe passage for its ships even in this volatile situation,” he added.
He further noted that a significant share of crude oil, gas, fertilisers and other energy imports transit through the Strait of Hormuz, and despite disruptions, India is ensuring its requirements are met. Stressing continued stability, he said the country is managing its energy needs effectively, with household energy security remaining a priority, especially as India imports nearly 60 per cent of its LPG demand.
- With inputs from agencies
