India must design energy market suitably to attract private investments: Birol
$100-billion push needed for energy sector, says Chief Economist of IEA
“India has to mobilise about $100-billion investments to push its (domestic) energy sector. I believe there is a strong need to get private investments into the picture. And in order to get private investments you have to design the energy markets appropriately…,” said Fatih Birol, Chief Economist, International Energy Agency, and Executive Director-designate of the organisation. A soccer enthusiast, Birol, who is in India to hold talks with policy makers as well as key industry players in the energy space, believes that oil security will be more of an issue in the years to come. In an interview to BusinessLine he shares his thoughts on oil security, gas market, and scope of renewable energy. Excerpts:
At the current global oil prices what should be India’s strategy for energy security?
I believe that oil security will be more of an issue in the years to come because West Asia is the main provider of exports around the world. Not just in terms of production but also the sea-lines which bring oil to market that are critical to all.