Pradhan urges oil & gas companies to procure domestic steel rather than importing

On the oil and gas sector, the Minister said that it has seen a tremendous transformation over the last six years on the back of pro-investment policies.

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

Referring to the Prime Minister Shri Narendra Modi’s clarion call for the making of an Aatmanirbhar Bharat, Shri Pradhan said that Aatmanirbhar Bharat is a strong Bharat with robust manufacturing sector, self-reliant yet globally integrated economy. Having a strong linkage with the sectors like construction, oil & gas, automobiles, machinery among others, the Indian steel sector has got a fundamental role to play in realizing 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 fulfils all the domestic requirements. “Domestic players should rise to the occasion so that cost does not escalate in our efforts to promote localization of supply chain”.

On the oil and gas sector, the Minister said that it has seen a tremendous transformation over the 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 a large amount of steel. Oil and gas sector is one of the largest end-users of steel pipes and tubes, with the pipeline being the major mode of transport for petroleum, oil and lubricant products. Expansion of city gas distribution network to cover 70% of our population, refining capacity augmentation, plan to set up 10,000 CNG stations, E&P activities -all will drive steel demand in the sector.

Urging all the organizations in the oil and gas to procure domestic steel rather than importing them, Shri 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 the steel sector and lead them to produce more value-added products.

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

The webinar was attended by the Secretary, MoPNG Shri Tarun Kapoor, Secretary, Steel, ShriPradip Kumar Tripathi, CMDs of several PSUs, Senior Officers of the Ministries of Steel and PNG, Industry leaders, Office-bearers of FICCI, and other stakeholders (consumers as well as producers). The webinar was organized by the Ministry of Steel in partnership with FICCI.

(With Inputs from PIB)