PROBIZ International - Vol-1 Probiz File final | Page 17

Oil Marketing Companies Fall in rupee short-lived:
gearing up to put UP
PHD Chamber
LNG stations on 5
National Highways
L
eading oil marketing
companies such as
Petronet LNG Ltd.,
Indian Oil Corporation,
BPCL and the like
have huddled together
to put up close to
twenty LNG stations
on various national
highways to provide
for LNG fed truck
transport movement
following instruction
from the government,
says Director (Finance),
Petronet LNG Ltd.
Addressing a
Conference on “City
Gas Distribution in
India” under the aegis
of PHD Chamber of
Commerce and Industry,
Mr. Mishra clarified
that this association of
oil marketing companies
have fructified on a pilot
project base to feed
roughly 5,000 trucks
with LNG on leading
five national highways,
beginning 2019.
The necessary
permission to put up
such LNG distribution
centres on national
P
highways has already
been given since the
government has asked
the oil marketing
companies to put up
such stations to attack
the twin issues of fuel
cost savings as well
sufficiently addressing
the issue pertaining to
increasing fuel pollution.
India is inspired for
this initiative partly
with China where close
to three lakhs of trucks
are under operation
on their highways with
LNG fuel and the team
of oil sector experts is
currently visiting China
to study their system.
Mr. Rajeev Mathur in
his observations drove
home the point that
until EVs become the
reality of the day, the
natural gas should be
encouraged as a better
alternate fuel to feed
the transportation
sector as it would not
only save on cost but
also address issue of
increasing vehicular
pollution.
HD Chamber of
Commerce and
Industry said the
fall in rupee against
dollar is short lived
which is primarily driven
by rising crude oil
prices, appre hensions
of deepening trade
war between USA and
China, FPI outflows
and heavy month-end
demand for the USD
from importers and
banks.
Mr. Anil Khaitan,
President, PHD
Chamber of Commerce
and Industry said that,
“I believe the Indian
economy is resilient
enough to withstand
the external shocks
on the back of strong
macroeconomic
fundamentals and well
supported dynamic
policy environment”.
India’s economic
resilience has
strengthened during
the recent times on
account of factors
such as improving FDI
inflows, forex reserves
and several measures
undertaken to boost up
investment sentiments
in the economy.
India attracted FDI
equity inflows at about
USD 43 billion during
2016-17 as against
USD 40 billion during
2015-16, posting a
robust growth of about
9%.
Forex reserves stood
at about USD 410 billion
as on June 15, 2018
as against around USD
382 billion as on June
16, 2017 have been
improved significantly.
Going ahead, export
growth needs to be
strengthened with
supportive export
infrastructure in
general and reducing
transportation costs in
particular to revive the
sluggish export growth
trajectory, he added.
Going ahead,
under the patronage
of dynamic and fast
moving reforms
covering all pillars of
development, India’s
economic resilience will
be strengthened to
mitigate the impacts
of international
developments.
August 2018
17