G20: Video Conference of Energy Ministers

On April 10, 2020, the G20 Energy ministers held virtual meeting on ways to ensure stable energy markets. The energy markets are greatly affected by demand reduction due to the ongoing COVID-19 crisis.

Highlights

India’s Energy Minister Shri Dharmendra Pradhan represented the country. The following were iterated by the minister at the meet

  • As a part of 23 billion USD relief package allocated by India, 80.3 million poor families are to get free LPG cylinders.
  • The plan to fill half-empty strategic petroleum reserves were highlighted.

The G20 Energy Ministers Meet will adopt a Joint Statement to establish a Task Force.

India’s plan to fill petroleum reserves

India has signed pacts with Saudi Arabia’s ARAMCO and ADNOC to fill up its petroleum reserves. Also, several refineries are currently operating at 50% to 60% of their capacity. There are three strategic petroleum reserves in India. They are at Vizag (1.3 million tonnes), PAdur (2.5 million tonnes) and Mangalore (1.5 million tonnes).

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