PSU Watch logo

| MNRE to infuse Rs 1,000 crore in SECI; plans to finance 3300 MW renewable energy projects |   | Govt relaxes rules, households need not install solar rooftop via listed vendors only |   | APTEL to hear Delhi Discoms plea to let them stop buying costlier power from NTPC’s Dadri I plant |   | Power plants staring at fresh coal shortage due to ‘bias’ |   | Arunachal Pradesh’s Sela tunnel project enters decisive phase: Defence Ministry |  

Pradhan urges oil & gas sector to enhance domestic steel usage

Pradhan has stressed on enhancing domestic steel usage in the country for meeting the oil and gas sector’s steel requirements

Pradhan has stressed on enhancing domestic steel usage in the country for meeting the oil and gas sector’s steel requirements.
Pradhan has stressed on enhancing domestic steel usage in the country for meeting the oil and gas sector’s steel requirements.
  • Pradhan said that the steel and oil and gas sectors have close linkage, and it is time to take it to a new pedestal

  • The Indian steel sector has got a fundamental role to play in realising India’s dream of becoming Aatmanirbhar Bharat, said Pradhan

New Delhi: Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan has stressed on enhancing domestic steel usage in the country and reducing import dependence for meeting the oil and gas sector’s steel requirements. Addressing a webinar on ‘Atmanirbhar Bharat: Fostering Domestic Steel Usage in Oil & Gas Sector’ on Tuesday, Pradhan said that the steel and oil and gas sectors have close linkage, and it is time to take it to a new pedestal.

Pradhan to oil and gas companies: Enhance domestic steel usage

Commenting on the oil and gas sector, the minister said that it has seen tremendous transformation over last six years on the back of pro-investment policies. The sector is undergoing tremendous growth, be it in refineries, pipelines, gas terminals, storage capacity, gas cylinders, retail outlets, and all these require large amounts of steel. “The oil and gas sector is one of the largest end-users of steel pipes and tubes, with pipeline being the major mode of transport for petroleum, oil and lubricant products. The expansion of city gas distribution network to cover 70 percent of our population, refining capacity augmentation, plan to setup 10,000 CNG stations, E&P activities — all will drive steel demand in the sector,” he said.

Urging all the organisations in the oil and gas to procure domestic steel rather than importing them, Pradhan said that the domestic steel manufacturers have all the capabilities to cater to the future requirements for steel in the sector. Meeting steel demand domestically and reducing import dependence will significantly enhance employment opportunities in the sector and would also give a boost to the growth of MSMEs in steel sector and lead them to produce more value-added products.

‘Steel sector will play fundamental role in Aatmanirbhar Bharat Abhiyan’

Referring to Prime Minister Narendra Modi’s call for an Aatmanirbhar Bharat, Pradhan said that Aatmanirbhar Bharat is a strong Bharat with robust manufacturing sector, self-reliant yet globally integrated economy. Having strong linkage with the sectors like construction, oil and gas, automobiles, machinery, among others, the Indian steel sector has got a fundamental role to play in realising India’s dream of becoming Aatmanirbhar Bharat. He said that the Indian steel sector can strive to be a major player at the global stage, only after it fulfills all the domestic requirements. “Domestic players should rise to the occasion so that cost does not escalate in our efforts to promote localisation of supply chain,” said the minister.

Speaking on the occasion, the Minister of State for Steel Faggan Singh Kulaste said that both the steel and oil and gas sectors are important pillars of the Indian economy and both have an important role to play as India moves towards $5-Trillion economy. He called upon the industry to overwhelmingly adopt indigenous products, and contribute to the nation’s development.