Participation of Secretary of State at the Ministry for Industry & Energy in the 14th CII-Exim Bank India-Africa Conclave

On 19th of March 2019, Hon Cesar Augusto Hinestrosa Gomes, Secretary of State at the Ministry for Industry and Energy participated in a discussion on “Securing Long-Term Energy Security, Creating a Green Tomorrow”, as a part of the 14th CII-EXIM Bank Conclave on India Africa Project Partnership.

India’s relationship with Equatorial Guinea is characterised by the strong partnership in the oil and gas sector. Equatorial Guinea was the 4th largest supplier of natural gas to India as on November 2017. Equatorial Guinea is also a member of an International Solar Alliance (ISA).

India has a heavy dependence on fossil fuel imports to meet its burgeoning energy demand. In 2017, India imported crude oil worth $60.2 billion (4th highest globally). An OPEC report estimates India’s oil demand to reach 9.9 thousand barrel of oil equivalent per day (mboe/d) in 2040, from 3.9 mboe/d in 2015. Also, India imports 45% of the total amount of natural gas it consumes. With the government’s plan to increase the share of natural gas in the country’s energy mix to 15% by 2030 from about 6.5% now, import of LNG is expected to rise.

The CII- EXIM Bank Conclave on India Africa Project Partnership was launched by CII in partnership with EXIM Bank of India and with the support of the Ministry of External Affairs and the Ministry of Commerce & Industry, Government of India. Since the year 2005, over 14 editions, it has emerged as the pioneer event in building partnerships and enhancing the economic engagement between the two regions.