Prime minister Narendra Modi will on Monday hold a brainstorming session with 38 global and domestic oil company chief executives as ripples from the US sanctions on Iran and bubbling crude prices threaten growth, including in India. This will be Modi’s third brainstorming session with captains of global oil industry and comes at a time when India’s economy faces a doublewhammy from rising oil import bill and widening current account deficit.
Government sources said the effort would be to get an idea of how the global oil market will pan out and how India can keep global investors interested in its oil sector and sustain the rapid pace of growth in spite of geopolitical headwinds. India will showcase the transformational reforms initiated in the sector in the last four years and would seek suggestions on what more can be done to hasten growth.
The sources counted Saudi energy minister and Aramco chairman Khalid A Al Falih, Igor Sechin, head of Russian oil giant Rosneft and a close confidante of President Vladimir Putin, Alexei Miller of Gazprom, Ben Van Beurden of Royal Dutch Shell, Darren Woods of ExxonMobil, Bob Dudley of BP, Patrick Fouyane of French major Total, Jeremy Weir of Trafigura and Rafael Villaseca Marco of Spain’s Gas Fenosa among those expected at the session.
Last year’s session, also held in October, focused on ways to raise domestic production and attract investments. The first interaction was held on January 5, 2016.