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Petroleum ministry unveils Rs 320 crore startup fund in oil and gas sector

26 Oct 2017 Evaluate

With a view to support startups in the oil and gas sector for a period of three years, as many as 10 public sector undertakings (PSUs) under the Ministry of Petroleum & Natural Gas, has unveiled a Rs 320 crore startup fund.  Union Petroleum Minister Dharmendra Pradhan has said that the oil sector PSUs have partnered with 36 projects (startups). He believes that this initiative would help promote innovation and new business models in the oil and gas sector. 

The minister further mentioned that the 10 state-run firms running the initiative are IndianOil, Hindustan Petroleum, Bharat Petroleum, Oil India, ONGC, Engineers India, Numaligarh Refinery, Gas Authority of India, Balmer Lawrie and Mangalore Refinery and Petrochemicals. He pointed out that India will offer investment opportunities worth $300 billion in oil sector over next 10 years so as to keep pace with the country's energy demand. In an apparent reference to the government's planned initiative on waste-to-wealth (energy) projects, he said that rag picking would be big business in the coming days.

Pradhan also indicated that the government has provided 3 crore LPG connections to poor households in 15 months and in the next 15 months, 4 crore families would be provide electricity connections under the Pradhan Mantri Sahaj Bijli Har Ghar Yojana - 'Saubhagya'. He also expressed hope that the burden of oil imports would reduce in the coming days, and added that if oil imports worth Rs 1 lakh crore are avoided then it would be a big boost for the country.

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