Following is the text of the speech delivered by  the Minister of Petroleum and Natural Gas Shri Murli Deora  at the Inaugural Session of PETROTECH- 2010  here today:

“I extend a warm welcome to Dr. Manmohan Singh, Hon’ble Prime Minister of India, distinguished Ministers from several countries and to all the delegates and invitees. It is indeed a privilege to be with the distinguished gathering of scientists, engineers and energy sector professionals on the occasion of Inaugural session of the 9^th International Oil and Gas Conference – Petrotech – 2010.

2. Prime Minister Sir, I am at this juncture reminded of a quote from your first Budget Speech delivered as Finance Minister in1991:

Quote :

“Sir, I do not minimize the difficulties that lie ahead on the long and arduous journey on which we have embarked. But as Victor Hugo once said, “no power on earth can stop an idea whose time has come.” I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea. Let the world hear it loud and clear. India is now wide awake. We shall prevail. We shall overcome.”

Unquote.

3. It required tremendous courage, confidence and deep understanding to make such a bold statement at that time as India was faced with a severe economic crisis, a precarious balance of payments position, and a weakened international confidence.  Now almost twenty years later, we are witnessing an India whose time has come and her economic power is recognized in the world today. Sir, your vision, your commitment and your deep conviction in the strength of our democracy have awakened India to achieve its true potential. It is most appropriate that you were nominated by Newsweek Magazine as one of the most admired world leaders.

4. It is quite natural that under such visionary leadership all sectors of economy have witnessed remarkable growth. In the petroleum sector, there has been a silent revolution, which has gone somewhat unnoticed. Our efforts in providing energy security have resulted in:

-   enhanced production of oil and natural gas

-  increased foreign and domestic investment in the  sector

- growth of public and private sector institutions across the value chain

- phenomenal growth in the refining capacity, export of value added petroleum products which is the highest foreign exchange earner

-  creation of huge network of retail outlets and LPG distributorships covering about 120 million customers

- creation of a vast petroleum pipeline infrastructure,

-  outward investments to acquire assets abroad,

 - and development of high quality professionals.

5.         We have setup the Rajiv Gandhi Institute of Petroleum Technology for providing high quality education in the field of petroleum engineering and management.  The facilities at this Institute are available to other countries especially to developing countries.

 6.        I am grateful to Mrs. Sonia Gandhi, Chairperson, United Progressive Alliance and the Prime Minister for their concern and commitment to protect interests of weaker sections of our society through policy measures to make available energy at affordable prices.

7.         Petrotech - 2010 is being held to showcase the leading technologies, provide opportunities for exchange of ideas and develop partnerships. I complement the organizers for having chosen the theme for this event, which is – “Global Energy Equilibrium”. The chosen theme is apt and timely. Though achieving equilibrium is a challenge, it is in tune with our aspirations for inclusive growth. Sustained growth requires a reliable supply of energy. It must also ensure equitable distribution and protection of the environment.  These issues will be deliberated in the next three days of the conference and will bring out beneficial outcomes for all participants.

6. With this, I welcome you all again. We are now presenting a film which showcases the vast potential and immense business opportunities that India can offer in the Petroleum Sector.”

RCJ/ls