Moily calls for increase in investments to make India energy-independent by 2030

Mumbai, Nov.26 : Union Minister of Petroleum and Natural Gas M Veerappa Moily on Tuesday called for an increase in investments to enable the country to become energy-independent by 2030.

Addressing an event here, Moily said that India needed to march forward and become 'energy independent'.

"There is an excellent prospect for oil and gas in this country which you would come to know from those details. That is why, we need more investments, we need to march forward, and I visualise a dream of making this country energy-independent by 2030," he told media here today.

Commenting on Reliance Industries that has faced flak for over the falling gas production, Moily said that the company has offered a bank guarantee, and the matter would be resolved in the near future

"There are certain issues with regard to the decline, with regard to the Reliance, that is in two discoveries, not all the discoveries. As far as the two discoveries are concerned, you know they have offered bank guarantee," he said.

I think they are putting up the cabinet note and within 10 to 15 days time that matter will be cleared. I do not think there is scope for any speculation whatsoever in future," he added.

--ANI (Posted on 27-11-2013)

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