The event was attended by many CEOs from the Indian oil and Gas companies and was also graced by the Hon’ble Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and important functionaries in the Government.

Mr. Bindra gave an insightful presentation on the latest developments in the global oil and gas markets covering the entire spectrum of the oil and gas business. He stated as to how synchronized global activity was boosting near term prospects for most countries and how Chinese GDP growth is trending lower as drivers of growth transition. Economic growth in India will further fuel demand for oil and will eclipse China’s demand. According to Mr. Bindra Europe and North America are expected to lead the EV market and even though India also aspires to sell Electric vehicles by 2030, it will double its demand for petroleum products. With India’s GDP growth set to lead in Asia Pacific, crude oil demand in India is to remain significant which is increasing even more due to increasing demand from consumer goods and automobile demand. Lower prices have spurred greater demand in the US and elsewhere and rapid growth in China is absorbing fresh LNG supply.

On Petrochemicals, Mr. Bindra stated that India’s deficit of petrochemicals including olefins, aromatics and polymers is growing from 3.2 MMT in 2016 to 5.4 MMT 2020. India is adding capacity for Polyethylene production, but will import 25 pc of domestic demand.

He stated that consumption of LPG is surging across the globe, especially in the Asia-Pacific region owing to the huge population base and thrust from Govt initiatives.

The interactive session engaged the audience in to an interesting debate on various issues surrounding the industry and made the event a highly successful one.

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