Page 144 - CW E-Magazine (18-6-2024)

Hydrocarbons

OUTLOOK
India’s end-use energy consumption to grow

by 90% by 2050: Rosneft CEO

India could account for the highest transition initiatives in addressing
growth rate in oil demand by the environmental concerns. Despite
middle of the century, according to considering hydrogen as a promising
Russian oil giant, Rosneft’s CEO, clean fuel, he pointed out the current
Mr. Igor Sechin. limitations in production technology,
logistics, and market readiness. High-
In his keynote speech at the 27th lighting that even as renewable energy
St Petersburg International Economic accounts for less than 5 percent of
Forum (SPIEF), Mr. Sechin empha- companies ONGC Videsh, Oil India, global energy production, and EVs
sised that over the next fi ve years, IOC, and Bharat Petroresources, have only make up around 3 percent, the
India is projected to continue its strong been owners of 49.9 percent of Ros- consumption of oil, gas, and coal has
economic momentum, and become neft’s subsidiary, JSC Vankorneft, since continued to rise.
one of the top three largest economies 2016.
in the world, with a GDP of $5-trillion, Lack of profi tability in green energy
and by 2050, will overtake the US, in Rosneft’s CEO projected that deve- initiatives is leading to divestment
terms of the size of the economy. He loping countries will be the main from the traditional energy sector,
added that India’s end-use energy con- drivers of oil consumption in the com- exacerbating the challenge of transi-
sumption is set to grow by 90 percent ing decades. By 2030, demand growth tioning to sustainable energy sources,
by 2050, – one of the fastest growth in this group of countries is expected Mr. Sechin argued.
rates in the world. to account for 95 percent of global
consumption growth in aggregate. To achieve energy security, he
India’s economy has made signifi - The highest growth in oil demand is stressed that it is necessary, to ensure
cant strides in recent years. Since 2010, expected in Asian countries, which are suffi ciency, affordability, and reliabi-
energy demand has grown by 45 per Russia’s main trading partners. lity of energy sources. Aggressive pro-
cent, making the country, the third larg- motion of the “green agenda”, actually
est energy consumer in the world, he Counterview on energy transition means declaring an energy war on the
pointed out. Recently, Rosneft signed Mr. Sechin criticised the priori- majority of the world’s population,
a term contract with Indian Oil Corpo- tisation of anthropogenic factors in and overcoming energy inequality is
ration (IOC), to increase oil supplies, climate change discourse, and argued impossible without reliable supplies of
and diversify India’s oil grades. Indian against the effectiveness of energy oil and gas, he pointed out.
TotalEnergies, IOC ink long term LNG supply deal

French energy giant, TotalEner- South-East Power for the delivery to said Mr. Gregory Joffroy, Senior Vice
gies, has inked a sales and purchase South Korea of up to around 500,000 President, LNG at TotalEnergies. Total-
agreement (SPA) with Indian Oil tons per year of LNG for fi ve years Energies is the world’s third largest
Corporation (IOC) for the delivery to from 2027. LNG player with a global portfolio of
India of up to 800,000 tons per year 44-mtpa in 2023. It is seeking to in-
of liquefi ed natural gas (LNG) for ten “We are delighted to have been crease the share of natural gas in its
years from 2026. selected by IOCL and Korea South- sales mix to close to 50% by 2030, to
East Power to supply LNG to India reduce carbon emissions and eliminate
The French fi rm said the deal and Korea. These contracts enable us methane emissions associated with the
was part of its strategy to grow its to contribute to the energy security and gas value chain, and to work with local
LNG business. TotalEnergies also transition of these countries, to which partners to promote the transition from
announced an agreement with Korea we have an enduring commitment,” coal to natural gas.

144 Chemical Weekly June 18, 2024

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