Prime Minister Narendra Modi on Monday said that India's share in the global oil demand is expected to increase to 11 per cent, while the gas demand is expected to rise up to 500 per cent.
He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India. He said this in his address while inaugurating the India Energy Week.
Quoting the International Energy Association, the prime minister remarked that India's energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.
Later in the day, he also launched E20 fuel at 84 retail outlets of oil marketing companies in 11 states along the lines of the ethanol blending roadmap. E20 indicates a 20 per cent ethanol and 80 per cent petrol blend.
The number 20 in the designation E20 refers to the proportion of ethanol in the petrol blend. In other words, the higher the number, the higher the proportion of Ethanol in the petrol. India's current ethanol mix with petrol is 10 per cent, which is higher than it has ever been.