There must be a push on enhancing domestic steel usage in the country and reducing import dependence for meeting oil and gas sector’s steel requirements, according to Dharmendra Pradhan, Minister of Petroleum and Natural Gas, and Steel.
Addressing a webinar on ‘Atmanirbhar Bharat: Fostering Domestic Steel Usage in Oil & Gas Sector’, Pradhan said that 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,” he said.
Pradhan said that the oil and gas sector is one of the largest end-users of steel pipes and tubes, with pipeline being the major mode of transport for petroleum, oil, and lubricant products. Expansion of city gas distribution network to cover 70 per cent of India’s population, refining capacity augmentation, plan to setup 10,000 CNG stations, exploration and production activities - all will drive steel demand in the sector.
He also 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 boost to growth of micro, small and medium enterprises in the steel sector and lead them to produce more value-added products.