Heads of top oil companies call for bringing oil under GST: Niti Aayog CEO Amitabh Kant

Chiefs of several global and Indian oil companies, including Reliance Industries Chairman Mukesh Ambani, want petroleum products to be included in the Goods and Services Tax, Niti Aayog CEO Amitabh Kant said.

Briefing reporters about the today’s meeting of CEOs of oil companies with Prime Minister Narendra Modi, Kant said global oil giants, including Saudi Aramco and Moscow-controlled oil giant Rosneft, have committed to increasing investment in India.

The prime minister, Kant said, has assured the industry that the Centre would discuss the issue with the states which suffer from ‘fear of the unknown’.

Vedanta Resources Group Chairman Anil Agarwal said India is rich in mineral resources and hundreds of companies like Cairn India can function in India.

Modi also underlined the importance of development of infrastructure in eastern India and northeast India.

According to Kant, CEOs also said India has potential to become a gas-based economy.

Modi, also wanted to institutionalised the conference which is attracting CEOs from world top oil companies.

Modi on Monday met BP Plc Chief Executive Bob Dudley, Rosneft CEO Igor Sechin, Royal Dutch Shell’s Project and Technology Director Harry Brekelmens, Saudi Aramco CEO Amin H Naseer, Exxon Mobil President for Gas and Power Rob Franklin, Reliance Industries Chairman Mukesh Ambani and Vedanta Resources head Anil Agarwal to discuss the oil and gas scenario.

Government think-tank Niti Aayog made a short presentation on the status, the likely scenario of demand and supply by 2030 and current government policies.

OPEC Secretary General Mohammed Barkindo and Oil Minister Dharmendra Pradhan also attended the meeting. Former oil secretaries Vivek Rae and Vijay Kelkar too were invited.