Mr. B M Bansal in House Journal of Petrotech Society
New Delhi   23-Nov-2010

With the current edition of the International Oil and Gas Conference and Exhibition – Petrotech, we will have taken one more step in the integration of our Nation's Oil and Gas industry with the global industry.

The House Journal being published by the Petrotech Society on the occasion will enable a greater transfusion of information and ideas across the various stakeholders. The theme "Global Energy Equilibrium" is appropriate, given that our future as a Nation, and as an emerging country that has its task cut out to make energy available for everyone, will be determined by the efficacy with which we build a sustainable society in the future.

The key to the future therefore will be on how we can successfully build a low carbon economy. The concept of a low carbon economy is necessitated by the consequences of industrialization - the spiraling impact of mass consumption. Beyond the esoteric definitions, a low carbon economy would be that which is sustainable today as well as tomorrow. The aim therefore would be to integrate all productive aspects of the economy around technologies that produce energy and materials with minimal Greenhouse Gas emission.

At IndianOil, we have always been obsessed with the future. We have not allowed our leadership in the downstream petroleum business to come in the way of launching a diversification spree, covering Petrochemicals, E&P, Gas Marketing, besides the setting up of foreign subsidiaries. IndianOil was one of the earliest to tap alternative energy opportunities and we have set up wind farms and solar charging stations as well as one of the largest bio-fuel ventures, which envisages the production of 30,000 MTPA of Bio-diesel. We are also investing about USD 400 million in alternative energy initiatives trained several teams on new green skills required to build the needs of the future.

Ultimately, every citizen of the world has a responsibility to ensure that future generations have an equally fulfilling and equitable life full of opportunities, if not more. And with every passing day we have lesser time to prove them wrong. International conferences such as PETROTECH actually help us be ahead of the curve in terms of the incubating of new ideas.

Let me once again compliment the Petrotech Society on the occasion of the publication of its house journal on the occasion of the 9th International Oil and Gas Conference at New Delhi.