The proposed Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline is expected to become a reality in next few years to transport natural gas from Turkmenistan to feed India’s energy needs in its north, south, and north eastern region. The mega project is being finalised in the spirit of partnership, said Union Minister of Petroleum and Natural Gas, Dr Veerappa Moily.
The Asian Development Bank (ADB) is likely to play a lead transactional role in the take off of the proposed project under supervision of the new company, added the minister, further disclosing that countries concerned are looking for a lead partner to ensure that the TAPI is executed as targeted.
Presiding over the Theme Session on Asian Gas Market: Challeges & Opportunties in the Cahnging Paradigm at the 8th Asia Gas Partnership Summit 2013, here the minister expressed the hope that the implementation of TAPI would serve the energy needs of partner countries and create excellent business opportunities for stakeholders in the project.
The two-day summit is organised by Federation of Indian Chambers of Commerce and Industry (FICCI), promoted Gas Authority of India Ltd (GAIL) and supported by International Gas Union (IGU) and Natural Gas Society.
Dr Moily said that the role that the role of oil in 20th century to develop and building economies the world over will be supplemented by natural gas in 21st century. In this context, timely execution of the TAPI project is crucial to ensure that the beneficiary countries are able to obtain gas at affordable and stable prices to sustain their economic development with desired levels of growth rates.
India’s energy needs would more than double in coming years, forcing it to explore both onshore and offshore under an economic regime that is investment friendly and reformist in nature. The effort would be make India a net exporter of hydrocarbon products in the future. This would require new discoveries for which an appropriate regulatory regime is sought to be put in place, he said.
Dr Moily endorsed the idea, mooted by GAIL Chairman and Managing Director & Co-Chairman, FICCI Hydrocarbons Committee, Mr B C Tripathi, to set up Asian Gas Cooperation Forum to enable Asian countries to cooperate in exploring their energy needs in an equitable and fair manner for mutual gains as gas demand in the region would multiply with India emerging a lead economy after China in next decade or so.
The Petroleum Secretary, Vivek Rae, stressed on the need for fair and stable gas prices from the suppliers as India compares natural gas prices with other fuels such as diesel and LPG and accordingly strikes business deals for its domestic consumption.
The Executive Director, International Energy Agency, France, Ms. Maria Van Der Hoeven, said that India’s energy needs would multiply as its economy grows and therefore it would have to explore new discoveries to cater to its needs.
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