PM Modi said that even as several countries faced a severe energy crisis because of the West Asia conflict, India was not severely affected by it. Photo: PTI
Diplomacy helped India import fuel from 40 countries during West Asia crisis: PM Modi
PM Narendra Modi says India's diplomacy helped prevent an energy crisis during the US-Iran conflict by securing fuel imports from nearly 40 countries
Prime Minister Narendra Modi on Saturday (July 4) said that India was able to successfully avert an energy crisis resulting from the US-Iran war and consequent blockade of the Strait of Hormuz because of diplomatic engagements, which enabled it to import fuel from nearly 40 countries despite the global supply disruptions.
‘Diplomacy paid off’
Addressing a public gathering in Pachpadra in Rajasthan's Balotra district after he inaugurated an oil refinery project, PM Modi said that even as several countries faced a severe energy crisis because of the West Asia conflict, India was not severely affected due to the swift decision-making and coordinated response of his government.
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"Our diplomatic relations with foreign countries helped us overcome the crisis. During the war, Indian diplomacy displayed its strength," said PM Modi.
"The willpower and efforts of the new India of the 21st century have overcome the biggest energy crisis of the 21st century," he added, reported India Today.
Hormuz challenge
The Prime Minister further stated the government took the right decision at the right level, assessed the crisis in due time and formulated an effective strategy to successfully avert it by ensuring balanced use of national resources and diplomatic strength.
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Elaborating further, the Prime Minister pointed out that India imports 60 per cent of its LPG requirements, adding that the closure of the Strait of Hormuz could have triggered a prolonged energy crisis, but India averted it through preparedness and diplomatic engagements.
PM Modi said that even though the global LPG supply chain came under pressure due to the West Asia conflict, domestic supply continued uninterrupted, adding that state-run oil marketing companies incurred losses exceeding Rs 75,000 crore during the crisis, and the government absorbed the loss to shield domestic consumers from rising global crude prices.
Refinery inaugurated
As for the country's first greenfield integrated refinery-cum-petrochemical complex in Rajasthan, PM Modi inaugurated the project by pressing a remote button after touring the refinery complex.
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The state-of-the-art refinery integrates refining and petrochemical production, with a petrochemical capacity of 2.4 million metric tonnes per annum (MMTPA). It features a high Nelson Complexity Index of 17.0 and petrochemical yields of over 26 per cent, in line with global benchmarks for efficiency and sustainability.
Boost to energy security
The project is expected to strengthen India's energy security, enhancing petrochemical self-sufficiency, and driving industrial growth.
It will also anchor the development of a Petrochemical and Plastic Park in the region, promoting downstream industries and ancillary sectors while generating significant employment opportunities.
(With agency inputs)