Govt forms committee for energy security

Arjun Sengupta to head group of former diplomats

The government has formed a Standing Advisory Committe on Oil Diplomacy and Energy Security under economist Arjun Sengupta.

The committee will comprise former diplomats and has been entrusted with the job of securing oil and gas properties in oil-rich countries, particularly in West Asia, Africa, and Central Asia. It will chalk out a framework for pursuing India's interest.

"We have called together some of the distinguished diplomats, each having stints in economic diplomacy to set them up on the standing committee on oil diplomacy for energy security," Petroleum Minister Mani Shanker Aiyar said after a two hour-long meeting which was also attended by External Affairs Minister Natwar Singh.

Stating that the country's self-reliance in oil has declined from 50 per cent in the 1980s to 30 per cent currently, Aiyar said it is likely to go down further to 15 per cent in next 15-20 years.

"It is very necessary to mobilise all diplomatic experience to synchronise with our investments abroad," Aiyar said.

Natwar Singh said it was very important for the foreign ministry and the petroleum ministry to work together for securing oil properties abroad.

In pursuance of the new strategy to focus on oil diplomacy, India will also be holding a buyer-seller meet along with Kuwait on January 6. The minister said crude sellers and four major Asian buyers will take part in the conference.

The sellers include Kuwait, Saudi Arabia, Iran, Qatar, Oman, the United Arab Emirates, Malaysia and Indonesia. The conference will focus on stability, security and sustainability besides discussing issues of marketing, investment.